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"s10_notes__6__6": {
"value": "Notes to the Consolidated Financial Statements 1. General information and basis of presentation Basic information about the Group Eezy\u2019s services include staffing services, professional services as well as light entrepreneurship services. Staffing services are provided through franchisees in addition to Group companies. Services are provided to a broad range of sectors including the hotel and restaurant, retail, manufacturing, construction and health care services sectors. Eezy Plc (\u201cparent company\u201d, \u201cEezy Plc\u201d), the parent company of Eezy Group (\u201cEezy\u201d, \u201cGroup\u201d) is a Finnish public limited company with a business ID of 2854570-7. The domicile of Eezy Plc is in Helsinki, Finland and the registered postal address is PL 901, 20101 Turku, Finland. Eezy Group consist of the parent company Eezy Plc and its subsidiaries. A copy of the consolidated financial statements is available at the website www.eezy.fi. The board of directors of Eezy Plc has approved the publication of these financial statements in its meeting on 15 February 2023. According to the Finnish Limited Liability Companies Act, shareholders are authorized to approve or reject the financial statements in the Annual General Meeting held after the publication. The Annual General Meeting can also decide on the amendments of the financial statements. Basis of preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the SIC and IFRIC interpretations in force as at 31 December 2022. International Financial Reporting Standards refer to the standards and their interpretations approved for application in the EU in accordance with the procedure stipulated in the EU Regulation (EC) No. 1606/2002 and embodied in the Finnish Accounting Act and provisions under it. The notes to the consolidated financial statements have also been prepared in accordance with the requirements in Finnish accounting legislation and Community law that complement IFRS regulations. The consolidated financial statements are prepared for a calendar year, which is the financial period of the parent company and the Group companies. The consolidated financial statements are presented in thousands of euros, unless otherwise stated. Additionally, the sum of individual numbers may deviate from the presented sum figure due to rounding differences. The comparative prior year information is presented in brackets after the information for the current financial year. The consolidated financial statements are presented in euros, which is the parent company\u2019s functional and presentation currency. The information in the consolidated financial statements is based on original acquisition costs, except where otherwise stated in the accounting policy. Segments Staffing is the core business of the Group and the Group operates in the domestic market. The Board of Directors of the parent company is the chief operating decision maker (CODM) that makes decision on the allocation of resources and reviews the profit or loss. The operations of the Group are managed and reviewed as a whole and therefore the Group has only one segment. The figures that the CODM reviews do not differ materially from the figures presented in the consolidated income statement and balance sheet. No geographical information is presented as the Group operates only in Finland. Foreign currency items The consolidated financial statements are presented in euros, which is the parent company\u2019s functional and presentation currency. Group\u2019s transactions are mainly denominated in euros. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. 2. Significant management judgement and estimates The preparation of consolidated financial statements requires management to use judgement and estimates, which have an impact on the application of the accounting policy and the amounts of significant assets, liabilities, income and expenses. The actual results may differ from these estimates. The changes in accounting estimates are recognized in the financial year in which the change in estimate occurs as well as in future financial years on which they have an impact. Information on significant areas, which include significant estimates, uncertainties and judgement in the application of the accounting policies related to the items in the consolidated financial statements are presented in the following notes: \u2022 Revenue (note 3) \u2022 Income taxes (note 12) \u2022 Business combinations (note 14) \u2022 Intangible assets (note 15) \u2022 Leases (note 17) \u2022 Deferred tax assets and liabilities (note 19) \u2022 Financial risk management (note 26) Estimates and judgement are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the company and that are assumed to be reasonable under the circumstances. The impact of climate change on estimates and the Group's business operations Group has assessed that climate change has no significant direct effects, as the Group's business does not involve significant raw material or energy purchases. Climate change causes mainly indirect effects through the climate sensitivities of different customer industries. The Group's wide customer base reduces dependence on individual customers. The key assumptions of impairment testing Group assesses on every reporting date if there are indicators of impairment of goodwill. If any signs are detected, the carrying value of goodwill is compared to recoverable amount. The business growth and EBITDA used in goodwill impairment testing are based on management\u2019s assessment of the future development considering the general poor economic development and high inflation in Finland due to e.g indirect effects of Russia offensive war in Ukraine. In economic development has been taken into account the effect of possible sick leaves and the availability of labor in competition in the personnel service and recruitment market. More information on intangible assets is provided in note 15. Financial risk management The most significant financial risks for Eezy are liquidity risk and credit risk. Liquidity risk relates to ensuring and maintaining sufficient financing for Eezy. Eezy strives to continuously assess and monitor the amount of financing needed for the business operations, by, among others, performing a monthly analysis on the sales development and investment needs in order to ensure the Group has sufficient liquid assets to finance the operations and to repay the borrowings when they fall due. Credit risk arises specially from trade receivables. The Group monitors continuously the level of write downs on receivables and changes the models by taking into account existing conditions and forward-looking information. More information on financial risk management is provided in note 26. 3. Revenue Eezy\u2019s revenue comprises income from staffing services, professional services and light entrepreneurship services. In staffing services Eezy provides the customer the resources agreed. Eezy seeks employees through open applications as well as through its own employee pool in order to find an employee fulfilling the customer requirements within a short notice. The employee signs the employment contract with Eezy and Eezy is responsible for all the employer obligations, but work is performed under the customer company\u2019s management. Staffing services\u2019 revenue consists of income from services performed and invoiced by Eezy Group companies. In franchising services, Eezy signs a contract with local franchisees, which gives the local company a right to sell services using Eezy business concept and brand. Eezy also offers business support services to their customers. Franchising revenue comprises charges based on cooperation agreements. In the professional services area, Eezy provides consulting services for organizational development, cultural design, and personnel surveys. Eezy also provides recruitment, aptitude testing, training, and executive search services. Additionally, Eezy provides workforce training, coaching, guiding and rehabilitation services for the public sector as well as entrance examination courses and courses for upper secondary school students for private customers. Light entrepreneurship services comprise the invoicing and business support services provided to the employee customers and the revenue from light entrepreneurship services comprise the fees collected from the employee customers. With the light entrepreneurship services provided to private persons they can operate as independent entrepreneurs without establishing a company of their own. Revenue by service area: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Staffing services 212 699 178 054 Franchise fees 6 292 7 058 Professional services 26 069 15 723 Light entrepreneurship services 2 536 2 493 Total revenue 247 596 203 328 Bad debt provisions related to trade receivables and contractual assets are presented in note 26. Eezy does not have incremental costs for obtaining a contract or costs to fulfil a contract. Accounting policy Revenue recognition Revenue is recognized when service or goods have been delivered and control is perceived to been transferred to the customer to amount in which Eezy expects to be entitled to based on the customer contract in exchange for the services performed. Staffing services In staffing services Eezy signs a contract with the customer, in which the personnel resourced required by the customer are determined, and for which Eezy invoices according to principles defined in the contract. The range of services, contract terms and the length of the contract varies by customers. Assignments are mainly fixed-term contracts. Staffing services are considered as a series of (distinct) services, as each working hour is a distinct item, services are substantially the same, and have the same pattern of transfer to the customer over time. These series of services are recognized as one performance obligation. The price for the services is agreed on the customer contract, in which set prices are given for each service. Customer contracts do not include any significant variable consideration. The staffing services are mainly invoiced every two weeks. Typical payment term is 7-14 days net. Revenue are recognized over time as the customer benefits from the staffing services simultaneously as services are rendered. In addition, Eezy utilizes the practical expedient provided in IFRS 15 and recognizes the revenue for services provided by the reporting date in the amount to which it has a right to invoice. In staffing service contracts including growth funding arrangements, which Eezy has because of acquisition of Smile in 2019, the customer is obliged to purchase the amount of staffing services defined in the contract during a certain period. Contracts including growth funding arrangements are fixed-period contracts, typically 1-5 years. Eezy makes a growth funding payment to the customer based on a purchase commitment defined in the contract. Purchase commitment has been determined based on annual purchase estimate informed by the customer. By its nature, a growth funding payment is an advanced payment paid to the customer based on a purchase commitment and therefore recognized in receivables. The customer earns the growth funding paid in advance during the contract period based on the purchases made by them. The growth funding is a discount paid to the customer in advance which is recorded as a deduction of revenue when services are rendered to the customer. Growth funding is recognized in other current and non-current receivables. The total amount of growth funding receivables was EUR 613 thousand as at 31 December 2022 (EUR 1 041 thousand as at 31 December 2021). Based on management estimate, growth funding receivables will be deducted from the recognized revenue during the next 1 to 5 years. More information on growth funding is presented in note 26. Franchising Eezy Group signs cooperation agreements with chain entrepreneurs, which, based on management judgement, comprises the following performance obligations. According to the cooperation agreement, Eezy provides to the local franchisee firstly the franchising right, i.e. the right to sell services using Eezy\u2019s business concept and brand and secondly business support services. According to the cooperation agreement, a local entrepreneur pays a cooperation fee to Eezy which includes the franchising right and business support services. The franchising right is a license as the local entrepreneur is given a right to use Eezy\u2019s intellectual property. Revenue is recognized over time. The cooperation charges are payments based on the local entrepreneurs\u2019 revenue and/or gross profit and revenue is recognized as the local entrepreneurs\u2019 sales occurs. Revenue from the business support services is also recognized over time as the customer simultaneously benefits from the service as Eezy provides it. Professional services In the professional services area, Eezy provides consulting services for organizational development, cultural design and personnel surveys. Eezy also provides recruitment, aptitude testing, training, and executive search services. Additionally, Eezy provides workforce training, coaching, guiding and rehabilitation services for the public sector as well as entrance examination courses and courses for upper secondary school students for private customers. Professional services are considered as a series of distinct services, as each working hour is a distinct item, services are substantially the same, and have the same pattern of transfer to the customer over time. Revenue from these services is recognized as services are rendered. The customer contracts do not include return or refund obligations or specific terms on warranties. Typical payment term agreed in the contract is 14-30 days net. Light entrepreneurship services Light entrepreneurship services comprise invoicing and administration services provided to the customers. A private individual selling one\u2019s own expertise, invoices the services provided through Eezy\u2019s service and receives the payment agreed with their customer with Eezy\u2019s fee deducted from the balance. According to the management only one performance obligation is included in the customer contract: an invoicing service, which includes separate tasks. Although the service includes separate tasks, all are substantially the same, and have the same pattern of transfer to the customer (series of distinct services). Revenue from invoicing service is recognized as services are rendered, i.e. when the client\u2019s customer is invoiced. Contractual assets and liabilities Contract assets are presented in other current and non-current receivables and related liabilities in current and non-current other liabilities. Receivables that Eezy has an unconditional right to receive, i.e. only the passage of time is required before payment of the consideration is due, are presented as trade receivables. Significant management judgement and estimates Revenue is recognized to the extent that it is highly probable that a significant reversal in the amount of revenue will not occur. Eezy\u2019s management uses judgement when growth funding is recognized as deduction of revenue when services are rendered. Customer earns the growth funding paid in advance during the contract term based on purchases. Purchase commitment is defined based on the yearly purchase estimate made by the customer. By its nature growth funding is an advance payment paid to customer which is recognized as reduction of revenue when services are rendered to the customer. The purchase estimate informed by the customer may differ from the actual purchases and therefore the amounts recognized in revenue may differ from the estimate. 4. Other operating incomeEUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Grants received 152 1 079 Gain on disposal of tangible assets 21 22 Change in VAT handling - 1 688 Gain on disposal of investments in group companies - 109 Other operating income 173 171 Total 347 3 070 Other operating income include a change in light entrepreneurship service fee\u2019s VAT handling of EUR 1 688 thousand in 2021. In 2022, grants received include a corona subsidy from State treasury totaling EUR 0 thousand (EUR 1000 thousand in 2021). 5. Materials and servicesEUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Recruitment costs, purchases and subcontracting -1 987 -1 649 Rent on premises -821 -125 Other external services -6 571 -4 285 Total -9 379 -6 059 Other external services consist primarily of subcontracting and other services. 6. Personnel expensesEezy\u2019s personnel expenses consists of wages and salaries, pension and social security expenses and expenses related to the share-based payments. The Group\u2019s pension plans are classified as defined contribution plans. EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Wages and salaries -166 961 -137 558 Pension expenses -29 578 -23 515 Share-based payments (note 7) 32 -17 Other social security expenses -6 318 -4 487 Total -202 825-165 576 Key management remuneration is presented in note 13. Accounting policy Pension obligations are classified as defined benefit plans or defined contribution plans. The Group\u2019s statutory pension plans in Finland are classified as defined contribution plans. For defined contribution plans, the Group pays contributions to a separate fund, i. e. pension insurance companies. The Group does not have legal or constructive obligations to further payments if the fund does not have sufficient assets to pay the employee benefits related to the employee service from current and prior periods. Contributions to the defined contribution plans are recognized in the income statement in the period to which the contributions relate. Eezy does not have any defined benefit plans. The average number of employees during the financial year in presented in the table below: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Salaried employees 527 374 Workers 3 837 3 320 Total 4 364 3 694 7. Share-based payments The Board of Directors of Eezy Plc decided on 17 December 2019 on a long-term share-based compensation plan (LTIP 2019-2026) targeted to key employees and on 30 November 2021 to amend the terms due to the changes in the company\u2019s business environment caused by the coronavirus pandemic. The terms of the long-term incentive were amended by extending the duration of the long-term incentive plan by one year until 2026 and adding a new earning period. On 28 March the board of director decided to extend the third earning period of the incentive plan. The aim of the incentive plan is to align the objectives of the shareholders and the key personnel in order to increase the value of the company as well as to ensure the execution of business strategy on a long-term basis. In addition, the aim is to engage the key personnel of the company and to offer them a competitive incentive plan based on share ownership and the development of the company\u2019s value. The share-based incentive plan contains five earning periods. The first 13 months earning period started on 1 December 2019 and ended on 31 December 2020. The second 13 months earning period started on 1 December 2020 and ended on 31 December 2021. The third 16 months earning period started on 1 December 2021 and ends on 31 March 2023. The fourth 24 months earning period starts on 1 January 2023 and ends on 31 December 2024. The fifth 24 months earning period starts on 1 January 2025 and ends on 31 December 2026. The Company\u2019s Board of Directors determines the reward criteria and their target levels as well as the employees covered by the incentive plan before the beginning of each earning period. No shares were issued for the first and second earning periods. From the third period a maximum of 246 000 shares can be paid as compensation. The payment of the compensation is subject to the condition that the key employee\u2019s employment or service relationship has not been terminated prior to the payment. Additionally, the payment is subject to achieving the set revenue and operating profit margin targets. The amount of compensation paid is subject to the achievement levels of the performance targets. The Board of Directors has the right to pay the compensation in shares, cash or as a combination of these. It is currently estimated that no shares will be earned for the period. The fair value of the shares granted is determined based on the company\u2019s quoted share value reduced by the estimated number of dividends paid during the accounting period. Long-term (2019-2026) share-based compensation plan Earning period 1 Dec 2019 \u2013 31 Dec 2020 Number of shares granted (maximum) 137 210 Number of shares forfeited 31 008 Number of shares not exercised 106 202 Number of shares granted as at 31 Dec 2022 0 Share price at the beginning of service 6.25 Performance conditions Service condition Revenue growth and operating profit % Estimated time of payment No payment Payment method Combination of shares and cash Number of participants 7 Long-term (2019-2026) share-based compensation plan Earning period 1 Dec 2020 \u2013 31 Dec 2021 Number of shares granted (maximum) 179 091 Number of shares forfeited 0 Number of shares not exercised 179 091 Number of shares granted as at 31 Dec 2022 0 Share price at the beginning of service 4.87 Performance conditions Service condition Revenue and operating profit Estimated time of payment No payment Payment method Combination of shares and cash Number of participants 8 Long-term (2019-2026) share-based compensation plan Earning period 1 Dec 2021 \u2013 31 March 2023 Number of shares granted (maximum) 246 000 Number of shares forfeited 60 000 Number of shares granted as at 31 Dec 2022 186 000 Share price at the beginning of service 5.92 Performance conditions Service condition Revenue and operating profit % Estimated time of payment No payment Payment method Combination of shares and cash Number of participants in the beginning of the earning period 18 The amount of profits recognized in the accounting period is EUR 32 (expenses 17) thousand, of which EUR -16 (16) thousand is from the share portion and recognized within the equity. The amount of the liability recognized in the balance sheet is EUR 0 (16) thousand as at 31 December 2022. Accounting policy Eezy has a share-based compensation plan where the settlement is a combination of equity and cash. The cost is recognized over the period during which the employee has to remain in the company\u2019s payroll in order the award to vest. Cost is recognized from the grant date or the service beginning date, whichever is earlier, until the settlement date. The component paid as equity (shares) is recognized as an expense measured at the grant date fair value and is not remeasured after the grant date. The performance conditions of the arrangement are non-market conditions and are not taken into account in the grant date fair value but instead are taken into account by adjusting the number of shares that are expected to vest. The expense recognized is based on management\u2019s judgement on the likelihood of achieving the performance conditions, and as such the number of shares that are expected to vest. In addition, the expense recognized is impacted by the company\u2019s management\u2019s estimate on the number of participants in the arrangement that will remain in the company\u2019s payroll until the award is settled. The achievement of vesting conditions is estimated at the end of each reporting period and ultimately the amount recognized is based on the number of shares that eventually vest. The cash-settled component is measured at the end of each reporting period and at the liability settlement date. Also, for the cash-settled award, the amount recognized is impacted by the management\u2019s estimate on the achievement of performance targets and the number of the participants in the arrangement that will remain in the company\u2019s payroll until the award is settled. The expense on the component settled in shares is recognized as personnel expenses and the corresponding amount is credited in retained earnings. The cash-settled amount is recognized as personnel expenses and as non-current other liabilities in the balance sheet. 8. Depreciation, amortization and impairment Depreciation, amortization and impairment by asset class is presented in the table below: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Acquisition related amortization Trademarks -338 -249 Customer relationships -2 926 -2 727 Non-competition agreements -797 -1 068 Total -4 061 -4 045 Other intangible assets Trademarks -15 -24 IT software -1 307 -1 167 Development costs -109 -14 Total -1 432 -1 204 Total amortization, intangible assets -5 493 -5 249 Property, plant and equipment Buildings -161 -147 Buildings, right-of-use -2 169 -1 974 Machinery and equipment -102 -138 Machinery and equipment, right-of-use -301 -173 Total -2 733 -2 431 Total other depreciation, amortization and 1impairment losses-4 165 -3 636 Total depreciation, amortization and impairment losses -8 226 -7 680 The acquisition related amortization comprises the amortization made on the recognized fair value adjustments arisen from business combinations. 1 Total other depreciation, amortization and impairment losses is total depreciation and amortization less the acquisition related amortization. 9. Other operating expenses EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 IT machinery and software expenses -3 546 -2 734 Administrative expenses -3 256 -3 492 Marketing expenses -3 164 -2 990 Personnel related expenses -2 968 -2 323 Travelling expenses -2 108 -1 704 Facility maintenance expenses -614 -438 Transaction expenses related to acquisitions -273 -415 Credit losses 217 80 1Other expenses-1 803 -1 254 Total -17 515 -15 270 1 Other expenses consist of multiple items that are not material separately. 10. Auditor fees EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Statutory audit 191 235 Other advisory services 6 7 Tax advisory services 9 14 Other services 138 58 Total 344 313 Auditor fees include the fees paid to the auditors of each Group company. Other services include mainly the expenses related to the acquisitions. 11. Financial income and expenses EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Financial income Revaluation of debt 584 - Interest income from receivables 80 68 Other financial income 99 81 Total 763 149 Financial expenses Interest expenses from borrowings -1 463 -1 265 Interest expenses from lease liabilities -136 -131 Other interest expenses -11 -94 Other financial expenses -31 -123 Total -1 642 -1 614 Total financial income and expenses -879 -1 465 12. Income taxes EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Current income tax expense -2 607 -2 803 Adjustments to taxes for prior periods 62 1 Total current income tax expenses -2 545 -2 802 Change in deferred tax assets 162 -172 Change in deferred tax liabilities 730 708 Deferred tax expense/benefit 892 536 Total income taxes -1 654 -2 266 The reconciliation between income tax expense and tax payable is presented in the table below: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Result for the period before taxes 9 125 10 348 Tax calculated at the Finnish tax rate of 20% -1 825 -2 070 Tax effect of tax free and non-deductible items: Effect of the expenses not deductible for tax 1)purposes-56 -224 Effect of the tax-free income 11 26 Recognition of deferred tax assets for previously unrecognized losses 155 - Adjustments in respect to prior years 62 1 Total income taxes -1 654 -2 266 1) Non-deductible items consist mainly of costs related to acquisitions. Deferred tax assets and liabilities have been measured using the tax rate of 20%. The effective tax rate of the Group was 18(22)%. Accounting policy The tax expense in profit or loss consist the tax based on the taxable income for the financial year and deferred taxes. Taxes are recognized in the profit or loss, except when they are directly related to the items recognized in equity or other comprehensive income, when the tax impact is also recognized as a corresponding item within equity. Taxes based on the taxable income for the financial year is calculated using the applicable income tax rate in each country. The tax expense for the financial year is adjusted by any taxes related to the previous financial years. Significant management judgement and estimates The tax expense recognized in profit or loss consists of the tax based on the taxable profit for the financial year, taxes related to the previous financial years and changes in deferred taxes. The management estimates the utilization of deferred tax assets against any future taxable profit. Management judgement on income taxes is presented in notes 14 and 19. 13. Related party transactions Transactions and balances with related parties: EUR thousand 2022 2021 Communities that hold significant control in community Sales 16 627 10 566 Purchases -103 -257 Trade receivables 2 053 2 016 Trade payables and other liabilities - 10 Related party transactions are made on the same terms and conditions as transactions with independent parties. Related party loans and receivables are presented in notes 20, 25 and 26. Key management remuneration (accrual basis) is presented below: Board of Directors remuneration EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Tapio Pajuharju 50 48 Kati Hagros 25 25 Liisa Harjula 25 25 Timo Laine, until 12 April 2022 6 24 Timo M\u00e4nty 24 24 Paul-Petteri Savolainen 24 24 Jarno Suominen 25 25 Mika Uotila 25 24 Mikko Wiren, from 12 April 2022 20 - Total 224 220 Key management wages and salaries (not including CEO) EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Wages, salaries and benefits 755 782 CEO remuneration EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Wages, salaries and benefits CEO, until 19 December 2022 545 296 CEO, from 19 December 2022 9 - Total 554 296 In 2022 CEO\u2019s remuneration includes termination benefits. Management compensation (Board of Directors, CEO, key managament) EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Short-term employee benefits 1 373 1 324 Post-employment benefits 193 190 Termination benefits 221 - Share-based payments -18 9 Total 1 769 1 523 CEO pension obligations and severance compensation The CEO participates in the statutory Finnish pension scheme (TyEL) under the Employees Pension Act under which the pension is based on the service period and earnings. No specific retirement age has been agreed. The pension expenses recognized was EUR 60 (52) thousand. The CEO\u2019s term of notice is three months in case the CEO decides to resign and nine months if the contract is terminated by the company. The CEO will receive normal compensation during the termination period and is not entitled to a separate compensation. Accounting policy Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decision. Eezy\u2019s related parties include associated companies and key management personnel. Key management personnel include members of the board of directors and the group management team, CEO and substitute CEO, and their close family members. In addition, Eezy\u2019s related parties include owners that use control or exercise significant influence in Eezy Plc and companies in which they have control or companies in which the person that uses control in Eezy Plc exercises significant influence or belongs to the company\u2019s or its parent\u2019s management. The Group structure is presented in note 27. 14. Business combinations Acquisitions 2022 Acquisition of Eezy Farenta, Eezy Siqni and Eezy Leidenschaft In line with its strategy, Eezy strengthened its professional staffing services by purchasing the share capital of Farenta Ltd (current Eezy Farenta Ltd) from Oriola Plc on 1 April 2022. Farenta supports around 350 pharmacies yearly with over 300 employees and it is the largest pharmacy staffing service operator in Finland. In line with its strategy, Eezy strengthened its research and coaching services by acquiring research and business culture companies The Siqnificant Company Ltd (current Eezy Siqni Ltd) and Leidenschaft Ltd (current Eezy Leidenschaft Ltd) on 1 April 2022. The companies will become part of Eezy Flow Ltd, which belongs to the Eezy Group and offers management, strategy, research and change management services. Leidenschaft is Finland\u2019s first business culture agency, whose mission is to develop business culture into a real competitive advantage. The Siqnificant Company\u2019s product, Siqni, is the world\u2019s first tool for gaining employee understanding and measuring employee experience. Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft Purchase considerations Cash consideration 881 5 009 Shares issued - 599 Total purchase consideration 881 5 608 Shares of Eezy Flow issued in exchange for Eezy Siqni and Eezy Leidenschaft The fair value of Eezy Flow shares issued in exchange for Eezy Siqni and Eezy Leidenschaft is EUR 599 thousand. Fair values of the acquired assets and liabilities assumed in the business combinations at the acquisition date: Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft ASSETS Non-current assets Intangible assets 1 048 1 597 Property, plant and equipment 85 34 Receivables - 67 Total non-current assets 1 133 1 698 Current assets Trade receivables and other receivables 823 793 Cash and cash equivalents 71 44 Total current assets 894 837 TOTAL ASSETS 2 028 2 535 LIABILITIES Non-current liabilities Loans from financial institutions - 229 Lease liabilities 23 - Deferred tax liability 165 250 Total non-current liabilities 188 479 Current liabilities Loans from financial institutions - 147 Lease liabilities 39 46 Trade payables and other liabilities 3 896 753 Current income tax liabilities - 126 Total current liabilities 3 935 1 072 TOTAL LIABILITIES 4 122 1 551 Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft Total net assets acquired -2 095 984 Goodwill 2 976 4 625 Purchase consideration 881 5 608 Fair values of the acquired identified intangible assets at the acquisition date Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft Customer relationships 486 328 Trademarks 336 168 Non-competition agreements - 754 Total 823 1 250 Eezy Farenta The gross amount of trade receivables at the date of the acquisition was EUR 815 thousand and it was estimated to be fully collectable. Goodwill arising from the acquisition of Eezy Farenta amounted to EUR 2 976 thousand which comprises mainly workforce, synergies and market position. The goodwill recognized in connection with the acquisition is not tax deductible. The transaction costs of the acquisition amounted to EUR 61 thousand and are recorded in other operating expenses for the period 2022. Eezy Siqni and Eezy Leidenschaft The gross amount of trade receivables at the date of the acquisition was EUR 507 thousand and it was estimated to be fully collectable. Goodwill arising from the acquisition of Eezy Siqni and Eezy Leidenschaft amounted to EUR 4 625 thousand which comprises mainly workforce, synergies and market position. The goodwill recognized in connection with the acquisition is not tax deductible. The transaction costs of the acquisition amounted to EUR 203 thousand and are recorded in other operating expenses for the period 2022. Impact on earnings Revenue and profit (loss) for the period of the acquired companies from the date of acquisition included in the consolidated financial statements for the financial year 2022: Eezy Siqni and Eezy Farenta Eezy Leidenschaft EUR thousand 1 Apr \u2013 31 Dec 2022 1 Apr \u2013 31 Dec 2022 Impact on the Group Revenue and Result Revenue 5 308 2 586 Result for the period -194 407 If the acquisitions had taken place on 1 January 2022, the pro forma consolidated revenue for the financial year from 1 January 2022 to 31 December 2022 would have been EUR 250 166 thousand and pro forma consolidated operating profit would have been EUR 9 914 thousand. The pro forma figures are based on the consolidated revenue and operating profit for the financial year 2022 as well as on the revenue and operating profit of the acquired companies from the beginning of 2022 until the date of the acquisitions. Figures have been adjusted related to the amortizations of intangible assets related to acquisitions, as if acquisitions had been done on 1 January 2022 and additional amortizations recorded since then. Cash flows from purchase considerations Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft Cash consideration 881 5 009 Deducted: Cash and cash equivalents acquired -71 -44 Net cash flow 810 4 965 Other acquisitions In June, Eezy increased its ownership in Eezy Valmennuskeskus Ltd by 10 per cent and recorded the paid purchase price EUR 0.3 million against the contingent consideration recorded in 2021. As of a result of this and the revaluation of the remaining contingent debt, the company has recorded EUR 0.6 million to financial income. Eezy Plc owns 90 per cent of the company. Eezy Valmennuskeskus Ltd has been consolidated by 100 per cent to Eezy Group (IFRS) since initial acquisition date. Eezy made an investment of approx. EUR 0.2 million in minority shareholding of VeggArt\u2019s Oy which specializes in employment services for immigrants. Acquisitions 2021 Acquisition of Eezy Valmennuskeskus, Eezy Triton and ValueScout Eezy strengthened its offering to the public sector by acquiring KK Valmennuskeskus Oy (current Eezy Valmennuskeskus Oy) on 1 November 2021. On 1 October 2021 Eezy strengthened its recruitment of labour from outside Finland through its purchase of Triton Henkil\u00f6st\u00f6palvelut Oy (current Eezy Triton Oy), which is a company that recruits labour from several eastern European countries. Eezy strengthened its research business by acquiring ValueScout research method business on 1 June 2021. ValueScout is a research method which examines emotional experience and finds hidden growth potential in customer, brand and personnel experience. Eezy EUR thousand Valmennuskeskus Eezy Triton ValueScout Purchase considerations Cash consideration 3 781 894 100 Shares issued 999 306 - Contingent consideration 1 868 - - Total purchase consideration 6 647 1 200 100 Shares issued in exchange for Eezy Valmennuskeskus and Eezy Triton The fair value of Eezy shares issued in exchange for Eezy Valmennuskeskus is EUR 999 thousand based on the number of 152 thousand shares and subscription price of EUR 6.5867(volume weighted average price in 22\u201328 October 2021). The fair value of Eezy shares issued in exchange for Eezy Triton is EUR 306 thousand based on the number of 46 thousand shares and subscription price of EUR 6.6750 (volume weighted average price in 27\u201329 September 2021). Contingent considerations of acquiring Eezy Valmennuskeskus and Value Scout Eezy acquired a 80% majority of the shares of Eezy Valmennuskeskus on 1 November 2021. According to the terms of the acquisition, both Eezy and the non-controlling interests of Eezy Valmennuskeskus have the right to execute trade over remaining 20% of the shares of Eezy Valmennuskeskus in 2024. The purchase price of the shares that Eezy may acquire later is based on the profitability of Eezy Valmennuskeskus in 2022\u20132023. Because of the sell and purchase options in the agreement, Eezy Valmennuskeskus has been consolidated by 100-percent to Eezy Group since 1 November 2021, and contingent consideration measured at fair value of EUR 1 868 thousand has been recorded for the purchase price of the non-controlling interest. There is an additional contingent consideration included in the acquisition agreement of ValueScout, which is determined based on the sales margin for the period of 1 June 2021 \u2013 30 May 2026. According to the company\u2019s management estimate, EUR 79 thousand represents the fair value of the additional purchase consideration at the time of acquisition. Based on the terms of the agreement, the seller does not have the right to access the contingent consideration if the key management person is not employed at the period of the contingent consideration. Therefore, the purchase consideration of EUR 79 thousand will be accounted for as personnel expense for the work performed after the acquisition during 2021\u20132026. Fair values of the acquired assets and liabilities assumed in the business combination at the acquisition date: Eezy EUR thousand Valmennuskeskus Eezy Triton ValueScout ASSETS Non-current assets Intangible assets 2 127 165 34 Property, plant and equipment 24 - - Receivables 256 - - Total non-current assets 2 407 165 34 Current assets Trade receivables and other receivables 1 709 441 - Current income tax receivables 14 - - Cash and cash equivalents 3 122 - Total current assets 1 726 563 - TOTAL ASSETS 4 133 728 34 LIABILITIES Non-current liabilities Loans from financial institutions 557 - - Deferred tax liability 354 33 7 Total non-current liabilities 911 33 7 Current liabilities Loans from financial institutions 239 - - Trade payables and other liabilities 1 098 505 - Current income tax liabilities 265 6 - Total current liabilities 1 602 510 - TOTAL LIABILITIES 2 531 543 7 Total net assets acquired 1 620 185 27 Goodwill 5 027 1 016 73 Purchase consideration 6 647 1 200 100 Fair values of the acquired identified intangible assets at the acquisition date Eezy EUR thousand Valmennuskeskus Eezy Triton ValueScout Customer relationships 934 - - Trademarks 506 - 21 Non-competition agreements 329 165 13 Total 1 769 165 34 Eezy Valmennuskeskus The gross amount of trade receivables at the date of the acquisition was EUR 929 thousand and it was estimated to be fully collectable. Goodwill arising from the acquisition of Eezy Valmennuskeskus amounted to EUR 5 027 thousand which comprises mainly workforce, synergies and market position. The goodwill recognized in connection with the acquisition is not tax deductible. The transaction costs of the acquisition amounted to EUR 163 thousand and are recorded in other operating expenses for the period 2021. Eezy Triton The gross amount of trade receivables at the date of the acquisition was EUR 341 thousand and it was estimated to be fully collectable. Goodwill arising from the acquisition of Eezy Triton amounted to EUR 1 016 thousand which comprises mainly workforce, synergies and network of subcontractors. The goodwill recognized in connection with the acquisition is not tax deductible.The transaction costs of the acquisition amounted to EUR 113 thousand and are recorded in other operating expenses for the period 2021. ValueScout Goodwill arising from the acquisition of ValueScout amounted to EUR 73 thousand which comprises mainly research method and know-how related to it. There were no transaction costs related to the acquisition. Impact on earnings Revenue and profit (loss) for the period of the acquired companies from the date of acquisition included in the consolidated financial statements for the financial year 2021: Eezy Valmennuskeskus Eezy Triton EUR thousand 1 Nov \u2013 31 Dec 2021 1 Oct \u2013 31 Dec 2021 Impact on the Group Revenue and Result Revenue 1 581 705 Result for the period 142 46 If the acquisitions had taken place on 1 January 2021, the pro forma consolidated revenue for the financial year from 1 January 2022 to 31 December 2021 would have been EUR 214 272 thousand and pro forma consolidated operating profit would have been EUR 12 480 thousand. The pro forma figures are based on the consolidated revenue and operating profit for the financial year 2021 as well as on the revenue and operating profit of the acquired companies from the beginning of 2021 until the date of the acquisitions. Figures have been adjusted related to the amortizations of intangible assets related to acquisitions, as if acquisitions had been done on 1 January 2021 and additional amortizations recorded since then. Cash flows from purchase considerations Eezy EUR thousand Valmennuskeskus Eezy Triton ValueScout Cash consideration 3 781 894 100 Deducted: Cash and cash equivalents acquired -3 -122 - Net cash flow 3 778 772 100 Divestments in financial year 2022 During financial year 2022 there were no disposal of subsidiaries. Divestments in financial year 2021 Eezy sold its Swedish subsidiary VMP-Group Sweden AB to Palm & Partners Bemanning AB on 4 January 2021. The transaction did not significantly impact Eezy's result in 2021. Accounting policy The acquisitions are accounted for using the acquisition method. The cost of the acquisition is measured at the fair value of consideration transferred comprising of the fair values of the assets transferred, liabilities incurred to the former owners of the acquired business, equity interests issued as purchase consideration, and the fair value of any contingent consideration arrangement. The excess of the aggregate of the consideration transferred over the fair value of the net identifiable assets acquired is goodwill. On the acquisition of a subsidiary, fair values are attributed to the identifiable net assets including identifiable intangible assets and contingent liabilities acquired. Significant management judgement and estimates The net assets acquired is measured at fair value. The fair value of the net assets acquired is based on market value or estimated expected cash flows (customer relationships, trademarks and non-competition agreements) or the estimated market value of similar assets. Eezy\u2019s management has used judgement and made assumptions in the customer relationship and trademark fair value determination, which is based on the management assumptions and estimates of the expected long-term revenue and profitability development, length of the customer relationships and discount rate. In addition to the assumptions mentioned, management has made assumptions on the possible impact of competition to Eezy\u2019s business when valuing non-competition agreements. If the estimates and assumptions of the development of the business turns out to be too optimistic, an impairment may be required to be recognized on the assets. The management believes that the estimates and assumptions used are appropriate when determining fair values. The trademarks, customer relationships and non-competition agreements recognized as a result of acquisitions are presented in note 15. The fair value of the contingent consideration included in the acquisition purchase consideration is determined based on the present value of the expected cash flows. The final purchase consideration may differ from the amount estimated by management and these changes in fair value are recognized in the statement of comprehensive income. The carrying values of the contingent considerations recognized at the balance sheet date are presented in note 25. 15. Intangible assets Customer Non-relation-competition Develop-Intangible EUR thousand Goodwill Trademarks IT Software ships agreements ment costs assets total Cost at 1 Jan 2022 134 054 3 184 9 458 27 804 3 674 515 44 636 Acquisitions 7 600 505 573 814 754 - 2 646 Additions - 4 2 433 - - 406 2 843 Disposals - - -430 - -2 806 - -3 236 Transfers between classes - - 37 - - -37 0 Cost at 31 Dec 2022 141 654 3 692 12 072 28 618 1 622 885 46 889 Accumulated amortization and impairment at 1 Jan 2022 - -693 -6 691 -6 507 -2 415 -14 -16 320 Disposals - - 403 - 2 806 - 3 210 Amortization - -354 -1 307 -2 926 -797 -109 -5 493 Accumulated amortization and impairment at 31 Dec 2022 - -1 047 -7 594 -9 433 -406 -123 -18 603 Net carrying value at 1 Jan 2022 134 054 2 491 2 767 21 297 1 259 501 28 314 Net carrying value at 31 Dec 2022 141 654 2 646 4 477 19 185 1 216 761 28 284 Customer Non-relation-competition Develop-Intangible EUR thousand Goodwill Trademarks IT Software ships agreements ment costs assets total Cost at 1 Jan 2021 127 938 2 623 8 144 26 870 3 315 - 40 953 Acquisitions 6 116 527 16 934 508 342 2 327 Additions - 34 1 298 - - 174 1 506 Disposals - - - - -150 - -150 Cost at 31 Dec 2021 134 054 3 184 9 458 27 804 3 674 515 44 636 Accumulated amortization and impairment at 1 Jan 2021 - -420 -5 526 -3 780 -1 496 - -11 222 Disposals - - - - 150 - 150 Amortization -273 -1 008 -2 727 -1 068 -14 -5 090 Impairments - - -157 - - - -157 Accumulated amortization and impairment at 31 Dec 2021 - -693 -6 691 -6 507 -2 415 -14 -16 320 Net carrying value at 1 Jan 2021 127 938 2 203 2 619 23 090 1 819 - 29 731 Net carrying value at 31 Dec 2021 134 054 2 491 2 767 21 297 1 259 501 28 314 Goodwill impairment testing Goodwill is tested for impairment annually to identify any impairment. In addition, the Group monitors any internal and external indicators to identify any signs for impairment. If signs are detected, the carrying value of goodwill is compared to recoverable amount. In the goodwill impairment testing, the carrying value of the group of cash generating units (CGU) is compared to the recoverable amount of the CGU. Eezy has one CGU which is the segment defined by the company and is the level used to monitor the goodwill. If the recoverable amount of the CGU is lower than the carrying value, the difference is recognized as an impairment loss in the statement of comprehensive income. Impairment tests have indicated that the recoverable amount of the CGU exceeds the carrying value and goodwill has not been impaired. Impairment testing and the key assumptions The recoverable amount of the CGU is determined using a value-in-use method. Value-in-use is calculated by discounting the future cash flows. The calculation of the recoverable amount is impacted primarily by changes in the forecasted EBITDA, discount rate used and the estimated revenue growth. The business growth and EBITDA are based on management\u2019s assessment of the future market demand and environment. The key assumptions used in the value-in-use calculations: 31 Dec 2022 31 Dec 2021 The average cumulative increase in revenue, forecast period 6.1% 10.4% Terminal growth assumption 2.0% 1.0% Average EBITDA, forecast period 10.3% 10.3% Forecasted EBITDA, terminal value 9.5% 9.5% Pre-tax discount rate 11.3% 10.9% Impairment testing calculations are based on the cash flow forecasts and the budget prepared by the Group\u2019s management team and approved by the Board of Directors, including the forecast and terminal periods. A five-year forecast period is used in the impairment testing calculations. The (after-tax) discount rate used is based on the weighted average cost of capital (WACC). The management has determined the following assumptions used in the calculations: Assumption Description Revenue growth Revenue growth is based on the review period forecast. The impact of the acquisitions completed in the financial year on the Group\u2019s revenue has been considered in the growth forecast. EBITDA EBITDA is based on the budgeted, forecasted profitability development in the review period as well as expected long-term profitability. Terminal growth assumption The growth assumption for the terminal period has been determined as 2% which represents the long-term inflation projections Discount rate The discount rate is determined based on peer company analysis. The forecasted cash flows are based on the existing business of the cash generating unit at the time of testing. Expansion investments have not been taken into account in the cash flow forecast estimates. The Group\u2019s cash generating unit provides mainly staffing services. The management judgement and estimates regarding future have a central role in preparing the impairment testing calculations. The discounted cash flow method used in preparing the calculations requires forecasts and assumptions of which the most significant relate to revenue growth, the development of costs, the level of maintenance investments and changes in the discount rate. The main uncertainty factors in calculations are the general poor economic development and high inflation in Finland due to e.g indirect effects of Russia offensive war in Ukraine, the effect of possible sick leaves and the availability of labor in competition in the personnel service and recruitment market. The growth assumption for the terminal period has been determined as 2% which represents the long-term inflation projections. It is possible that the predictions related to the cash flow forecasts are not achieved. As a result, the impairment of goodwill or other assets may have a significantly negative effect on the result and the financial position in the future periods. The result of impairment testing is assessed by comparing recoverable amount of CGU to carrying value of CGU as follows: Recoverable amount / Carrying value Test result less than 1.0 Impairment 1.0-1.2 Exceeds slightly 1.2-1.5 Exceeds clearly more than 1.5 Exceeds remarkably In 2022 and 2021, impairment testing has been performed quarterly. Test result of impairment testing exceeds remarkably; therefore no impairment losses have been recognized in any financial periods presented. The management has prepared a sensitivity analysis for the key factors and based on the management estimate none of the reasonably possible changes in the staffing service key assumptions would lead to a situation in which the recoverable amount would be less than the carrying value of the cash generating unit. Accounting policy Group\u2019s intangible assets comprise mainly goodwill arising from business combinations and other intangible assets identified in connection with the business combinations, such as trademarks, non-competition agreements and customer relationships. Goodwill Goodwill arising from business combinations is the excess of the consideration paid, amount of non-controlling interest in the acquired entity and acquisition-date fair value of any previous equity interests in the acquired entity over the fair value of the net identifiable assets acquired. Goodwill represents the consideration paid for the future economic benefits that cannot be separately identified and recognized. Goodwill is not amortized but is tested for impairment annually and whenever there is an indication that it might be impaired. Impairment loss is immediately recognized in the income statement if the carrying amount exceeds the recoverable amount. Impairment losses on goodwill are not reversed. Goodwill is measured at cost less any accumulated impairment losses incurred. Trademarks Eezy has obtained trademarks for the acquired companies in the business combinations. As part of the purchase price allocation a value has been determined for significant trademarks and they are recognized in intangible assets. Development costs Research expenses are booked as an expense as they are incurred. Development costs are recognized as an intangible asset when the Group can demonstrate that: \u2022 the technical feasibility of completing the intangible asset so that the asset will be available for use or sale, \u2022 the intention is to complete and its ability and intention to use or sell the asset, \u2022 the asset will generate future economic benefits, \u2022 the availability of resources is to complete the asset, \u2022 is the ability to measure reliably the expenditure during development. The development costs recognized as assets are amortized over their estimated useful lives. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Other intangible assets An intangible asset is recognized only if it is probable that future economic benefits will flow to the company and the cost can be measured reliably. The other intangible assets with finite useful life identified in the business combinations are recognized separately from goodwill if they meet the recognition criteria of an intangible asset, i.e. are separable or arise from contractual or other legal rights and if the cost can be measured reliably. Non-competition agreements In the business combinations the seller generally agrees to a non-competition agreement related to staffing services for a limited duration. As part of the purchase price allocation a value has been determined for non-competition arrangements and they are recognized in intangible assets. Customer relationships In the business combinations, a value has been determined for the existing customer contracts and customer relationships as a part of the purchase price allocation. The value determined in connection with the purchase price allocation has been recognized in intangible assets. Intangible assets are amortized over the following estimated useful life: 10 years Trademarks IT software 3-5 years Non-competition agreements 2-3 years Customer relationships 7-10 years Development costs 3-5 years The residual value, useful life and amortization method are reviewed at least at each financial year-end and adjusted to reflect the changes in economic benefit expectations. Amortization is terminated when an intangible asset is classified (or included in the group that is classified) as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Impairment of tangible and intangible assets The Group estimates at the end of each balance sheet date if any indications of impairment exist. If such exists, the recoverable amount of the assets is estimated. In addition, the recoverable amount is estimated annually regardless of indications of impairment for the following assets: goodwill, intangible assets with indefinite useful life, and intangible assets under construction. The need for impairment is monitored at the level of cash generating units (CGU) which is the lowest level that is largely independent of the cash inflows from other groups of assets. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The value in use is the estimate of the future cash flows of an asset or cash generating unit which are discounted to present value. The pre-tax rate which represents the market view of time value of money and risks associated to asset or cash generating unit is used as a discount rate. Impairment loss is recognized if the carrying value of an asset is higher than the recoverable amount. Impairment loss is recognized in profit and loss. The useful life of the asset is reassessed when an impairment loss is recognized. Impairment is reversed if there is a change in estimates used in determining the recoverable amount of an asset. Impairment is not reversed over the carrying value of the asset without recognition of impairment. An impairment loss recognized for goodwill is not reversed in any circumstances. Significant management judgement and estimates Business combinations In business combinations, management makes estimates related to e.g. future cash flows of an acquired business, fair value adjustments, value and useful life of trademarks and synergies obtained from the acquisition. Goodwill impairment testing In the goodwill impairment testing, the carrying value of the group of cash generating units (CGU) is compared to the recoverable amount of the CGU at least annually and when there are indications that it might be impaired. The recoverable amount of the cash generating units is based on value in use calculations. Industry specific factors have been taken into account in the discount rate used. The recoverable amount used in impairment testing is assessed by using budgets, forecasts and terminal periods and the sensitivity is analyzed for discount rate, profitability, and changes in residual value growth factors. Changes in these estimates or in the structure or number of cash generating units or group of units may cause impairment in the fair value of assets or goodwill. The estimates concern the expected sale prices of services, expected price development of service costs, and discount rate. The value in use estimates require forecasts and assumptions, of which the most significant concern the revenue growth and development of costs, the level of maintenance investments and changes in the discount rate. It is possible that the predictions related to cash flow forecasts are not achieved. As a result, the impairment of goodwill or other assets may have a significant negative effect on the result and financial position in the future periods. 16. Property, plant and equipment Machinery Machinery and Buildings, and equipment, EUR thousand Buildings right-of-use equipment right-of-use Other Total Cost at 1 Jan 2022 827 7 296 1 481 849 102 10 556 Acquisitions - 46 58 62 - 166 Additions 57 2 694 41 259 - 3 051 Disposals - -1 569 -83 -145 - -1 798 Revaluation - 282 - -97 - 185 Cost at 31 Dec 2022 884 8 749 1 498 928 102 12 161 Accumulated depreciation and impairment at 1 Jan 2022 -415 -3 647 -1 098 -229 -73 -5 462 Disposals - 1 569 -1 145 - 1 714 Depreciation -161 -2 169 -102 -301 - -2 733 Accumulated depreciation and impairment at 31 Dec 2022 -576 -4 246 -1 201 -385 -73 -6 481 Net carrying value at 1 Jan 2022 413 3 650 383 620 29 5 095 Net carrying value at 31 Dec 2022 307 4 503 297 542 29 5 680 Machinery Machinery and Buildings, and equipment, EUR thousand Buildings right-of-use equipment right-of-use Other Total Cost at 1 Jan 2021 1 080 9 616 1 646 341 102 12 786 Acquisitions - - 24 - - 24 Additions 137 624 25 690 - 1 476 Disposals -390 -2 198 -214 -185 - -2 987 Revaluation - -746 - 3 - -743 Cost at 31 Dec 2021 827 7 296 1 481 849 102 10 556 Accumulated depreciation and impairment at 1 Jan 2021 -658 -3 871 -959 -241 -73 -5 802 Disposals 390 2 198 - 185 - 2 773 Depreciation -147 -1 858 -129 -173 - -2 307 Impairment - -116 -10 - - -126 Accumulated depreciation and impairment at 31 Dec 2021 -415 -3 647 -1 098 -229 -73 -5 462 Net carrying value at 1 Jan 2021 422 5 745 687 100 29 6 984 Net carrying value at 31 Dec 2021 413 3 650 383 620 29 5 095 Accounting policy Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses and is recognized in the balance sheet when it is probable that future economic benefits will flow to the Group and costs can be measured reliably. The cost of property, plant and equipment comprises the expenses directly attributable to the acquisition. The subsequent expenses incurred are recognized in the carrying value of an item of property, plant and equipment or as a separate item if it is probable that future economic benefits will flow to the Group and costs can be measured reliably. Repair and maintenance expenses are recognized in profit or loss as incurred. If an item of property, plant and equipment consists of several separate parts that have different useful life each part is recognized as a separate item. The Groups property, plant and equipment are depreciated over the estimated useful life. The depreciation periods are 5-8 years. The residual value and useful life of property, plant and equipment are reviewed at least annually at the balance sheet date and impairment adjustments are made if necessary. The Group estimates if there are any indications for impairment at each balance sheet date. If the carrying value of the asset is greater than the recoverable amount, the carrying value of the asset is reduced to its recoverable amount immediately. An item of property, plant and equipment classified as held for sale in accordance with IFRS 5 is not depreciated. The gains and losses from the sale of property, plant and equipment are presented in the other operating income or expenses. The gain or loss is determined as a difference between the sales price and carrying value. 17. Leases Eezy\u2019s leases relate primally to premises and cars. The most significant leases are for the premises in the largest cities in which the operations have been centralized. These leases are mainly 3 to 5-year fixed term leases. Leases may include extension options and it is determined on a lease-by-lease basis if the extension option is exercised or not. Smaller premises have been leased for a perpetual term. Right-of-use assets are presented in note 16. The following lease liabilities are included in the borrowings in the balance sheet: Lease liabilities EUR thousand 31 Dec 2022 31 Dec 2021 Current 2 211 1 975 Non-current 2 948 2 527 Total 5 159 4 502 The maturity of the lease liabilities is presented in note 26. Eezy has leases that have not yet commenced but Eezy is contractually committed to. The leases commence during 2023 and the total lease liability of the contracts is approximately EUR 5 million. The following amounts related to leases are recognized in profit or loss: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Depreciation and impairment losses -2 470 -2 146 Interest expenses from lease liabilities -136 -131 Lease expenses from short term leases -183 -49 Lease expenses from leases of low value assets -712 -583 The total cash outflow for leases in 2022 was EUR 3 619 (2 814) thousand. Accounting policy Right-of-use assets are measured at cost comprising the amount of the lease liability and any prepayments. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term. Lease liability is initially measured at the commencement of the lease at the present value of the future payments. Lease payments include fixed payments and variable lease payments based on an index, any penalties for terminating the lease if the lease term reflects the termination. Payments for the periods covered by the extension options are included in the lease liability if the lease is reasonably certain to be extended. Lease payments are discounted using the interest rate implicit in the lease or the lessee\u2019s incremental borrowing rate if the interest rate implicit in the lease cannot be readily determined. Eezy\u2019s incremental borrowing rate is determined based on financing offers, lease term and economic environment. Eezy\u2019s leases include variable lease payments based on an index which are not included in the measurement of the lease liability until they realize. The lease liability is remeasured when the lease payment based on an index change. A corresponding adjustment is done to the right-of-use asset amount. Lease payments are allocated between principal and finance cost. The finance cost is expensed over the lease term to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Eezy\u2019s leases include lease components and non-lease components. The consideration in the contract is allocated to the lease and non-lease components based on their relative stand-alone prices. Payments for short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the result for the period. Short-term leases are leases with a lease term of 12 months of less. Exemption is applied to all classes of underlying assets. Low-value assets comprise IT equipment and machinery and office equipment. Significant management judgement and estimates In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Otherwise the Group assesses the historical leases and need for replacement leases when determining lease terms. The lease term is reassessed if a significant event or significant change in circumstances occurs or the Group becomes obliged to exercise or not to exercise an option. 18. Investments in shares and funds Fair values of investments and the fair value hierarchy levels are presented in the table below: 31 Dec 2022 31 Dec 2021 EUR thousand Fair value Level Fair value Level Investments in shares, unquoted 240 3 240 3 Total 240 240 The changes in level 3 items are as follows: Share investments 1 Jan 2021 235 Addition 5 31 Dec 2021 240 31 Dec 2022 240 In addition, the Group has contingent consideration liabilities which were classified as level 3 in the fair value hierarchy. More information is presented in notes 14 and 25. Accounting policy Share investments are measured at fair value. Eezy has chosen to recognize the changes in the fair value of the share investments in other comprehensive income instead of the profit or loss for the period. Eezy sees this as an appropriate decision as shares are non-current investments not held for trading. The changes in the fair value are not subsequently reclassified to profit or loss. Dividend income is recognized in the profit or loss for the period. Eezy\u2019s share investments consist of listed and unlisted shares. The fair value of the unlisted shares is determined using valuation models. They are measured at cost when it is determined that the acquisition cost is a reasonable estimate of the fair value. Listed shares are measured at the balance sheet date fair value. The Group has no listed shares measured at fair value. The financial instruments measured at fair value in the balance sheet are classified based on the following fair value hierarchy levels: Level 1: The fair value of publicly traded instruments (like listed shares) is based on the quoted year-end market prices of similar assets or liabilities in active markets. The bid price is used as the quoted market price. Level 2: The fair value of financial instruments that are not traded on the active market is determined with a valuation technique. These techniques maximize the use of observable market data and apply company specific estimates only to a minimal degree. When all significant inputs needed to determine the fair value of the instrument are observable, the instrument is categorized on level 2. Level 3: If one or several significant inputs are not based on observable market data, the instrument is categorized on level 3. Such instruments include the Company\u2019s investments in unlisted shares. 19. Deferred tax assets and liabilities Deferred taxes are recognized for all temporary differences. The changes in deferred taxes are as follows: Recognized in EUR thousand 1 Jan 2022 profit or loss 31 Dec 2022 Deferred tax assets Tax losses carried forward 35 -15 20 Tax losses from the period - 155 155 Leases 23 - 23 Credit loss provision 143 23 166 Total 201 162 363 Recognized in EUR thousand 1 Jan 2021 profit or loss 31 Dec 2021 Deferred tax assets Tax losses carried forward 20 15 35 Tax losses from the period 98 -98 - Interest cost suspended in taxation 47 -47 - Leases 19 4 23 Credit loss provision 189 -46 143 Total 374 -172 201 Recognized in EUR thousand 1 Jan 2022 profit or loss Acquisitions 31 Dec 2022 Deferred tax liabilities Business combinations 5 179 -727 415 4 865 Loans 12 -2 - 10 Total 5 190 -730 415 4 875 Recognized in EUR thousand 1 Jan 2021 profit or loss Acquisitions 31 Dec 2021 Deferred tax liabilities Business combinations 5 491 -706 394 5 179 Loans 14 -2 - 12 Total 5 504 -708 394 5 190 Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and the deferred taxes related to the income tax of the same taxable entity. Accounting policy Deferred taxes are recognized for all temporary differences between the carrying values and the tax bases. The largest temporary differences arise from the fair value adjustments of assets and liabilities in business combinations, provisions and unused tax losses. Deferred taxes are calculated using the tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be generated against which the deductible temporary difference can be utilized. The recognition criteria of the deferred tax asset is assessed at each balance sheet date. However, a deferred tax liability is not recognized, when it arises from the initial recognition of an asset or liability in a transaction other than a business combination and the recognition of the asset or liability at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset the current tax assets against current tax liabilities, and when the deferred tax assets and liabilities are related to the income tax levied by the same taxation authority either from the same taxable entity or different taxable entities when there is an intention to settle the asset and the liability on a net basis. Significant management judgement and estimates Eezy\u2019s management uses judgement when recognizing deferred tax assets and liabilities in the balance sheet. Deferred tax assets are recognized on the balance sheet only if the utilization of the assets is seen as more probable than not utilizing the deferred tax assets. Utilization is subject to the future generation of taxable income. Assumptions related to the generation of future taxable profit are based on the management estimates on future cash flows. The Group\u2019s ability to generate taxable income is also subject to the general economic situation, financing, competitiveness and regulation environment which are not in the Group\u2019s control. These estimates and assumptions involve risks and uncertainty, and thus it is possible that the changes in circumstances will change the expectations which may affect the amount of the deferred tax liabilities and assets recognized as well as other unrecognized tax losses and temporary differences. 20. Trade receivables and other receivables EUR thousand 31 Dec 2022 31 Dec 2021 Non-current receivables Growth funding receivables 423 683 Lease guarantees 313 441 Other receivables 36 27 Total non-current receivables 772 1 152 Current receivables Trade receivables 30 718 30 105 Growth funding receivables 190 358 Other loan receivables 9 46 Other receivables 537 454 Accrued income 2 009 687 Total current receivables 33 463 31 649 Total trade receivables and other receivables 34 235 32 800 Accrued income consists of sales accruals, employer insurance and advance payments. Trade receivables are measured at the transaction price. The carrying value of the trade receivables and other receivables equals their fair value. Information on the impairment of the trade receivables and other receivables and their credit risk is described in note 26. 21. Cash and cash equivalents Cash and cash equivalents presented in the balance sheet and cash flow statement consists of cash at bank and in hand. Utilized credit limits are presented as current liabilities. Credit limits are an essential part of the liquidity management. Liquidity risk and its management is described in note 26. 22. Equity EUR Total thousand, Reserve for attributable to unless invested the owners of Non-otherwise Shares unrestricted Retained the parent controlling specified 1 000 pcs Share capital equity earnings company interests Total equity 31 Dec 2022 25 047 80 107 876 1 488 109 444 3 630 113 074 31 Dec 2021 25 047 80 107 876 -1 857 106 099 3 037 109 136 Share capital Eezy Plc has one series of shares and all shares are equally entitled to dividends. One share carries one vote at the general meeting. Eezy\u2019s shares are listed on the official list of Nasdaq Helsinki. Pcs 2022 2021 1 Jan 25 046 815 24 849 375 Directed share issue - 197 440 31 Dec 25 046 815 25 046 815 The directed share issue in the 2021 financial year is related to the Eezy Triton acquisition, in which 45 843 shares were issued, and to the Eezy Valmennuskeskus acquisition, in which 151 597 shares were issued. Own shares The Company does not hold its own shares. Dividends The Annual General Meeting (AGM) decided on 12 April 2022 that for year 2021 a dividend of EUR 0.15 per share is distributed in two tranches. The first tranche of the dividend, EUR 0.10 per share, was paid on 26 April 2022. The second tranche of the dividend, EUR 0.05 per share, was paid on 27 October 2022. Board of Directors proposes a dividend of EUR 0.15 per share, of which EUR 0.10 will be paid in April and EUR 0.05 in October 2023. Reserve for invested unrestricted equity The reserve for invested unrestricted equity includes other investments that by nature are considered as equity and the share subscription price unless it is explicitly decided to be included in the share capital. The changes in the reserve for invested unrestricted equity are presented in the statement of changes in equity. Accounting policy Share capital includes only ordinary shares. The incremental costs directly attributable to the issue of new shares or other equity instruments, net of tax, are recognized in equity as a deduction from the proceeds. If company buys back its own equity instruments, the consideration paid is deducted from equity. The dividend payable to the Group\u2019s shareholders is recognized in the financial year during which the general meeting has approved the dividend. 23. Earnings per share 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Profit for the financial year attributable to the owners of the company 7 156 154 7 600 963 Weighted average number of shares, undiluted 25 046 815 24 883 655 Earnings per share, basic (EUR) 0.29 0.31 Impact of shares related to the share-based payments plan 240 449 197 479 Weighted average number of shares, diluted 25 287 264 25 081 134 Earnings per share, diluted (EUR) 0.28 0.30 The number of dilutive shares in 2022 was 240 449 (197 479). Accounting policy The basic earnings per share is calculated by dividing the profit (loss) attributable to the owners of the parent company by the weighted average number of shares. In calculating the diluted earnings per share, the dilution impact of the options and shares granted to employees is taken into consideration. More information on the share-based payments is in note 7. 24. Borrowings Changes in borrowings divided to changes from financing cash flows and other changes are presented in the table below: Loans from financial EUR thousand institutions Lease liabilities Other loans Total 1 Jan 2021 51 877 5 984 9 57 870 Repayments of borrowings -4 328 -2 050 -9 -6 387 Acquisitions 796 - - 796 New leases - 1 314 - 1 314 Revaluations - -745 - -745 Other changes -21 - - -21 31 Dec 2021 48 325 4 502 - 52 826 Proceeds from borrowings 8 000 - - 8 000 Repayments of borrowings -4 633 -2 588 - -7 221 Acquisitions 376 108 - 484 New leases - 2 953 - 2 953 Revaluations - 185 - 185 Other changes -5 -1 - -6 31 Dec 2022 52 062 5 159 - 57 221 The financing arrangements of the Group relate primarily to the financing of the business acquisitions. The maturities of these financing arrangements range from 1 to 5 years. The Group\u2019s loans include covenants defined in the financing agreements. The most important loan covenants are reported to the creditors half yearly. If the Group does not meet the covenants, the creditor may require an accelerated loan prepayment. During the financial years presented, the Group has met loan related covenants, which relate to net debt ratio and ratio of interest bearing net debt compared to EBITDA. The Group\u2019s loans are denominated in euros, primarily have floating interest rates and a significant part of its loans are linked to the Euribor. The repricing of the loans occurs every 12 months. The impact on the cash flows arising from changes in the loan interest rates at the current market interest rate levels is insignificant. The loan margins vary between 1.7% and 2.45%. The covenants also include terms related to interest rate levels. Half yearly the margin can vary between 1.45% and 2.70% depending on the level of the covenant related to net debt and EBITDA. The carrying value of the borrowings equals their fair value in the periods presented, as the coupon rates have been on the same level with market rates, and the impact of discounting the future cash flows using the market interest rate at the valuation date is not significant. The maturities of the borrowings and more information on the interest rate risk and the liquidity risk management is presented in note 26. Accounting policy Borrowings are initially recognized at fair value, net of transaction costs incurred. After the initial recognition borrowings are measured at amortized cost using the effective interest method. Borrowings are classified as current liabilities if the Group intends to settle the borrowings during the next 12 months after the reporting date or if the Group does not have an unconditional right to defer the settlement for at least 12 months after the reporting date. The transaction costs incurred in connection with the borrowings are recognized as interest expenses using the effective interest method. 25. Trade payables and other liabilities EUR thousand 31 Dec 2022 31 Dec 2021 Non-current liabilities Contingent considerations 974 1 928 Share-based payments - 16 Total non-current liabilities 974 1 944 Current liabilities Trade payables 9 545 6 241 Contingent considerations 39 54 VAT liability 8 672 8 994 Personnel related liabilities 4 090 4 487 Other liabilities 241 515 Personnel related accrued expenses 15 665 14 689 Other accrued expense 702 520 Total current liabilities 38 954 35 499 Total trade payables and other liabilities 39 928 37 443 Accounting policy Fair values of trade payables and other liabilities equal their carrying values. They are measured at cost or amortized cost apart from contingent considerations which are measured at fair value. Fair value is based on management\u2019s estimate and it is classified as level 3 in the fair value hierarchy. 26. Financial risk management The Group\u2019s principles of financial risk management have not significantly changed during reporting period. Eezy and its operating activities are exposed to certain financial risks. Financial risk management is a part of the Group\u2019s risk management processes and an integral part of Eezy\u2019s strategy process, planning process and day-to-day management. Eezy\u2019s CEO is responsible for drafting the principles of risk management and for ensuring that the principles are implemented systematically and appropriately. Eezy\u2019s Group Management Team is responsible for identifying group level risks. Risk management is reported to Eezy\u2019s Board of Directors and the Board confirms the company\u2019s principles of risk management. The most significant financial risks for Eezy are credit risk and liquidity risk. Group treasury monitors the day-to-day liquidity and the CFO is responsible for the long-term liquidity and for monitoring the covenants. Liquidity risk Liquidity risk relates to ensuring and maintaining sufficient financing for Eezy. Eezy strives to continuously assess and monitor the amount of financing needed for the business operations, by, among others, performing a monthly analysis on the sales development and investment needs in order to ensure the Group has sufficient liquid assets to finance the operations and to repay the borrowings when they fall due. The CFO analyses the possible need for additional financing. The Group aims to ensure the availability and flexibility of the Group\u2019s financing with sufficient available credit facilities, a balanced debt maturity profile and sufficiently long loan periods as well as by using several financial institutions as counterparties and different forms of financing, when necessary. The Group\u2019s financing activities determine the optimal level of cash. Cash and cash equivalents amounted to EUR 5 768 (6 106) thousand at the end of the financial year, in addition to which the Group had undrawn committed credit limits available totaling to EUR 10 000 (10 000) thousand. The Group has a long-term senior loan from financial institutions and the financial agreements include the terms of covenants. The breach of covenants may lead to the situation where the creditor may require an accelerated loan prepayment or immediate prepayment. As of 31 December 2022, the Group has non-current loans from financial institutions EUR 47 614 (43 924) thousand and current loans from financial institutions EUR 4 448 (4 400) thousand. The terms and conditions of the loans and related covenants are described in note 24. The following tables present the contractual maturity analysis of the Group\u2019s financial liabilities. The figures are undiscounted and include interest payments and repayments. Total contractual EUR thousand 0-6 months 7-12 months 1-3 years 4-5 years cash flows Carrying value 31 Dec 2022 Loans from financial institutions 1 749 4 757 49 522 14 56 043 52 062 Lease liabilities 1 367 991 2 710 361 5 428 5 159 Trade payables 9 545 - - - 9 545 9 545 Contingent considerations 39 - 954 20 1 013 1 013 Total 12 700 5 748 53 186 395 72 029 67 779 Total contractual EUR thousand 0-6 months 7-12 months 1-3 years 4-5 years cash flows Carrying value 31 Dec 2021 Loans from financial institutions 1 496 3 991 45 731 188 51 406 48 325 Lease liabilities 1 053 1 003 2 058 535 4 648 4 502 Trade payables 6 241 - - - 6 241 6 241 Contingent considerations 54 - 1 908 20 1 981 1 981 Total 8 844 4 994 50 175 265 64 276 61 049 Credit risk Credit risk arises from trade receivables and the growth funding receivables. Credit risk also arises from loan receivables, other receivables and cash and cash equivalents but based on Group\u2019s analysis their credit risk is considered immaterial. The Group\u2019s policy defines the creditworthiness requirements for the counterparties. Credit risk management and credit control are centralized in the Group\u2019s financial management. The Group aims to minimize the risks related to the receivables through the terms of payment of the receivables, customer-specific monitoring of trade receivables, effective collection, and checking of the customers\u2019 creditworthiness, as well as partly through various collateral arrangements. For the growth funding paid to their customers, the Group has received a counterparty guarantee from these customers that covers the growth funding paid to these customers. The trade receivables and growth funding of certain big customers together form credit risk concentrations for the Group. The Group has aimed to secure the most significant customer-specific receivable positions through various collateral arrangements. Typical collaterals are, among others, guarantees and various pledges to the benefit of the Group. During the financial year, the Group has recognized EUR 551 (227) thousand on trade receivables and growth funding receivables as credit losses and EUR 882 (307) thousand as reversal of unused amount in profit or loss. Trade receivables The staffing service business is based on sales invoiced. It involves a risk of credit losses typical for the nature of the business and the industry. Historically, the level of incurred credit losses on trade receivables has typically been low. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The Group monitors continuously the level of write downs on receivables and changes the models by taken into account existing conditions and forward-looking information. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 31 December 2022 or 31 December 2021, respectively, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information and macroeconomic factors affecting the ability of the customers to settle the receivables. The table below presents the changes in the credit loss allowance for the periods presented, the age analysis of trade receivables, and for each age analysis group the recognized impairments and the percentages used: Due Due Due Due Due over 180 EUR thousand Not due 1-30 days 31-60 days 61-90 days 91-180 days days Total 31 Dec 2022 Expected credit loss rate, % 0.2% 0.8% 1.5% 2.0% 10.0% 26.0% Carrying value of trade receivables 26 347 1 494 234 382 1 030 1 906 31 392 Credit loss provision 53 12 4 8 103 496 674 Due Due Due Due Due over 180 EUR thousand Not due 1-30 days 31-60 days 61-90 days 91-180 days days Total 31 Dec 2021 Expected credit loss rate, % 0.2% 0.8% 1.5% 2.0% 10.0% 26.0% Carrying value of trade receivables 26 383 1 906 307 148 613 1 197 30 553 Credit loss provision 53 15 5 3 61 311 448 EUR thousand 2022 2021 1 Jan 448 345 Change in provision -105 20 Recognized as credit losses -551 -224 Unused amount reversed 882 307 31 Dec 674 448 The Group monitors continuously the level of write downs on receivables and changes the models by taken into account existing conditions and forward-looking information. Trade receivables are written off when there is not a reasonable expectation of recovery. Indicators that there is not a reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group and a failure to make contractual payments for a period of greater than 360 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. Growth funding receivables Growth funding has been paid to certain large customers in the staffing service business. The earning of the growth funding is based on the customers\u2019 future purchases and the payments of the trade receivables generated from them. Growth funding receivables were acquired in connection with the acquisition of Smile in 2019 and they were measured at fair value considering the estimated future credit losses. Growth funding receivables are secured by using, among others, guarantees and various pledges. Unexpected customers insolvency situations may lead to disruptions of providing services and may lead to termination of growth funding agreements that are earlier considered favorable. The Group monitors continuously the level of write downs on receivables and changes the models by taken into account existing conditions and forward-looking information. After initial recognition, the Group recognizes impairment from growth funding receivables based on expected credit losses. The Company considers the growth funding receivables to be low credit risk where they have a low risk of default and the counterparty has a strong capacity to meet its contractual cash flow obligations in the near term. From these receivables, 12-month expected credit losses are recognized. If the credit risk is not considered to be low or the credit risk has increased significantly since initial recognition, lifetime expected credit losses are recognized from the growth funding receivables. The mitigating effect of collateral is taken into consideration in the recognized credit losses. Significant management judgement and estimates Eezy\u2019s management uses judgement when determining whether there has been a significant increase in the credit risk of growth funding receivables so that the recognition of lifetime expected credit losses is commenced, and on the timing when the receivables are written off as impaired. Management presumes the credit risk to have increased significantly when the payments are at least 180 days past due. Additionally, the past-due receivables are analyzed on a case by case basis. The growth funding receivables are written off when there is not a reasonable expectation of recovery, for example when the customer is in liquidation or has entered bankruptcy. Capital management Eezyn johto seuraa osana p\u00e4\u00e4oman hallintaa konsernitaseen mukaisia lainoja sek\u00e4 omaa p\u00e4\u00e4omaa. Konsernin p\u00e4\u00e4oman As a part of their capital management, Eezy\u2019s management monitors the borrowings and equity as presented in the consolidated balance sheet. The aim of the Group\u2019s capital management (equity vs. debt) is, with the optimal capital structure, to support the business operations by ensuring normal operational prerequisites, and to increase the shareholder value in the long term. Capital management is also driven by the owners\u2019 aim to maintain a simple financial structure. Capital needs are primarily fulfilled with long-term debt financing. The capital structure is adjusted mainly by dividend distributions and share issues. The Group can also decide to sell assets in order to reduce debt. The development of the Group\u2019s capital structure is monitored with comparing net debt to adjusted EBITDA, which is reported to the Group management regularly. Net debt is calculated by deducting cash and cash equivalents from non-current and current loans from financial institutions, non-current other liabilities, lease liabilities, current contingent consideration liabilities and current financial liabilities. Adjusted EBITDA is calculated by adding to operating profit the following: depreciation, amortization and impairment losses, and items affecting comparability, such as items relating to acquisitions, closing of business operations, structural reorganization and significant redundancy costs. Interest rate risk Interest rate risk means the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s loans primarily have floating interest rates and a significant part of its loans are linked to the Euribor, EUR 17.5 million loan has a fixed interest rate. The Group\u2019s floating interest rates loans may expose to the cash flow interest rate risk. The interest rates of borrowings are described in note 24. 27. Group structure Subsidiaries belonging to the Group as at 31 December 2022 are presented in the table below: Group ownership Subsidiary Domicile portion, % Eezy VMP Oy Helsinki 100% Bework Oy Helsinki 100% Castanea Oy Helsinki 100% Conrator Oy Helsinki 100% Eezy Sonire Oy Helsinki 100% Staffservice Finland Oy Helsinki 100% Workcontrol Oy Helsinki 100% Eezy Kevytyritt\u00e4j\u00e4t Osk Helsinki 100% Eezy Personnel Oy Tampere 100% Extremely Nice Job Oy Helsinki 100% Enjoy Etel\u00e4 Oy Helsinki 100% Enjoy Pohjoinen Oy Helsinki 100% Enjoy It\u00e4 Oy Helsinki 100% Enjoy L\u00e4nsi Oy Helsinki 100% Henkil\u00f6st\u00f6ratkaisu Extraajat Oy Helsinki 100% Eezy Kauppa Etel\u00e4-Suomi Oy Helsinki 100% Eezy Kauppa Helsinki Oy Helsinki 100% Eezy Kauppa Suomi Oy Helsinki 100% Eezy Kauppa Pirkanmaa Oy Helsinki 100% Eezy Kauppa Uusimaa Oy Helsinki 100% Eezy Kauppa L\u00e4nsi Oy Helsinki 100% Eezy Flow Oy Turku 70.10% Eezy Siqni Oy Helsinki 100% Eezy Leidenschaft Oy Helsinki 100% Eezy Henkil\u00f6st\u00f6palvelut Oy Tampere 100% Happy Henkil\u00f6st\u00f6palvelut Oy Tampere 100% Smile Job Services Oy Tampere 100% Resta Henkil\u00f6st\u00f6palvelut Oy Tampere 100% Doctors by Eezy Oy Tampere 80.75% Smile Office Oy Tampere 100% Eezy Events Oy Tampere 100% Smile Huippu Oy Kuopio 100% Smile MMS Oy Kuortane 100% Smile Industries Oy Kuortane 100% Smile Industries Tampere Oy Tampere 100% Smile Pohjanmaa Oy Kuortane 100% Smile Palvelut Helsinki Oy Tampere 100% Smile Palvelut Pohjoinen Oy Tampere 100% Smile Services Oy Tampere 100% Smile Super Oy Tampere 100% Smile Tampere Oy Tampere 100% Smile Banssi Oy Tampere 100% Smile Banssi Etel\u00e4 Oy Espoo 100% Smile Banssi Keski Oy Jyv\u00e4skyl\u00e4 100% Smile Palvelut Royal Oy Tampere 100% Eezy Teollinen Etel\u00e4 Oy Helsinki 100% Smile Sein\u00e4joki Oy Tampere 100% Smile Jobio Pohjanmaa Oy Tampere 100% Smile Jobio Pirkanmaa Oy Tampere 100% Smile Jobio Varsinais-Suomi Tampere 100% Eezy Import Oy Tampere 80.00% Eezy Teollinen Pohjoinen Oy Tampere 100% Smile Kymppi-Service L\u00e4nsi-Suomi Oy Tampere 100% Eezy United Oy Helsinki 70.00% Eezy United Tampere Oy Helsinki 63.00% Eezy United Jyv\u00e4skyl\u00e4 Oy Jyv\u00e4skyl\u00e4 63.00% Eezy Shine Oy Helsinki 67.00% Eezy Valmennuskeskus Oy Helsinki 90.00% Eezy Farenta Oy Helsinki 100% These consolidated financial statements consist of Eezy Plc, the parent company of the Group, and all subsidiaries over which the parent company has control. Acquisitions that have impacted the Group structure are presented in note 14. Accounting policy Subsidiaries are entities over which the Group has control. The group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to eliminate share ownership between the Group companies. The acquisition cost exceeding the fair value of the net identifiable assets acquired is recorded as goodwill. If the acquisition cost is less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly as income in the result of the period. The acquisition related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date, and classified as a financial liability or equity. The contingent consideration classified as a financial liability is remeasured to fair value at each balance sheet date and changes in fair value are recognized in the result for the period. The contingent consideration classified as equity is not remeasured. Any non-controlling interests in the acquired entity is measured at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The valuation policy is determined on an acquisition-by-acquisition basis. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies applied by the Group. The profit (loss) for the period and total comprehensive income for the period attributable to the owners of the parent company and non-controlling interests are presented in the consolidated statement of comprehensive income. Total comprehensive income for the period is allocated to non-controlling interests although this would result in a negative non-controlling interest. Non-controlling interests in the equity is presented as a separate line item in the balance sheet as part of equity. Changes in the ownership of the subsidiaries that do not result in a loss of control are treated as transactions with equity owners of the Group. In a business combination achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date and any gains or losses arising is recognized in the result for the period. When the Group loses the control in a subsidiary, any retained interest in the entity is remeasured to its fair value at the date when the control ceases and the difference arising from the measurement is recognized in profit or loss. 28. Changes in the non-controlling interests Change in non-Change in New Purchase controlling retained Company in which interests Acquisition Acquired ownership consideration interests earnings are acquired date share interest (EUR thousand) (EUR thousand) (EUR thousand) 2022 Eezy Henkil\u00f6st\u00f6palvelut Oy Doctors by Eezy Oy 27 Jan 2022 4.75% 80.75% 79 -44 -37 2021 Eezy Henkil\u00f6st\u00f6palvelut Oy Smile Industries Kuopio Oy 5 Feb 2021 10.00% 100.00% 40 -23 -18 29. Investments in associates EUR thousand 2022 2021 Cost at 1 Jan - - Acquisitions 245 - Share of the result of associates 7 - Cost at 31 Dec 252 - On 14 June 2022, Eezy made an investment of EUR 245 thousand in minority shareholding of VeggArt\u2019s Oy which specializes in employment services for immigrants. 30. Commitments and contingencies Eezy has a group cash pooling arrangement managed by Eezy Plc and the arrangement includes all subsidiaries. All current and future cash pool receivables are a used as a comprehensive guarantee for liabilities on the bank accounts included in the cash pool agreement. EUR thousand 31 Dec 2022 31 Dec 2021 Liabilities in balance sheet for which collaterals given Loans from financial institutions, non-current 47 614 43 924 Loans from financial institutions, current 4 448 4 400 Total 52 062 48 325 EUR thousand 31.12.2022 31.12.2021 Mortgages on own behalf Company mortgages 100 000 100 000 Property, plant and equipment - 16 Total 100 000 100 016 The shares of Eezy VMP Oy, Eezy Henkil\u00f6st\u00f6palvelut Oy and Eezy Farenta Oy are pledged to existing and future financial institution loans on the balance sheet dates. More information on business combinations is presented in note 14. Accounting policy A contingent liability is a possible obligation that has arisen from past events and whose existence is confirmed only by the occurrence of uncertain future events not wholly in the control of the Group. A contingent liability is also a present obligation whose settlement probably does not require an outflow of resources, and the amount cannot be measured reliably. A contingent liability is presented in the notes of the consolidated financial statements. 31. New standards New and amended standards and accounting policies applied in the financial year ended 31 December 2022 Group has applied following new and amended standards and accounting policies from 1 January 2022 onwards. These have not had an impact on consolidated financial statements 2022. Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets (effective for financial years beginning on or after 1 January 2022) When an onerous contract is accounted for based on the costs of fulfilling the contract, the amendments clarify that these costs comprise both the incremental costs and an allocation of other direct costs. Annual Improvements to IFRS Standards 2018\u20132020 (effective for financial years beginning on or after 1 January 2022) The annual improvements process provides a mechanism for minor and non-urgent amendments to IFRSs to be grouped together and issued in one package annually. The amendments clarify the following standards IFRS 9 Financial Instruments - Fees in the 10 per cent test for derecognition of financial liabilities. This amendment clarifies that \u2013 for the purpose of performing the 10 per cent test for derecognition of financial liabilities \u2013 in determining those fees paid net of fees received, a borrower includes only fees paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. Property, Plant and Equipment - Proceeds before Intended Use \u2013 Amendments to IAS 16 Property, Plant and Equipment (effective for financial years beginning on or after 1 January 2022) Under the amendments, proceeds from selling items before the related item of PPE is available for use should be recognised in profit or loss, together with the costs of producing those items. Reference to the Conceptual Framework - Amendments to IFRS 3 Business Combinations (effective for financial years beginning on or after 1 January 2022) The amendments update a reference in IFRS 3 and makes further reference related amendments. Adoption of new and amended standards in future financial years Group estimates that adoption of new and amended standards listed below in future financial years will not have a significant impact on consolidated financial statements. Disclosure of Accounting Policies \u2013 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements (effective for financial years beginning on or after 1 January 2023, early application is permitted) The amendments clarify the application of materiality to disclosure of accounting policies. Definition of Accounting Estimates \u2013 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (effective for financial years beginning on or after 1 January 2023, early application is permitted) The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 Income Taxes (effective for financial years beginning on or after 1 January 2023, early application is permitted) The amendments narrow the initial recognition exemption (IRE) and clarify that the exemption does not apply to transactions such as leases and decommissioning obligations which give rise to equal and offsetting temporary differences. Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 Leases* (effective for financial years beginning on or after 1 January 2024, early application is permitted) The amendments introduce a new accounting model for variable payments and will require seller-lessees to reassess and potentially restate sale-and-leaseback transactions entered into since 2019. Classification of Liabilities as Current or Non-current - Amendments to IAS 1 Presentation of Financial Statements *: Classification of Liabilities as Current or Non-current; Classification of Liabilities as Current or Non-current - Deferral of Effective Date; and Non-current Liabilities with Covenants (effective for financial years beginning on or after 1 January 2024, early application is permitted) The amendments are to promote consistency in application and clarify the requirements for determining if a liability is current or non-current. The amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments require to disclose information about these covenants in the notes to the financial statements. Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2013 Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures * (available for optional adoption, effective date deferred indefinitely) The amendments address the conflict between the existing guidance on consolidation and equity accounting and require the full gain to be recognised when the assets transferred meet the definition of a \u2018business\u2019 under IFRS 3 Business Combinations. * = not yet endorsed for use by the European Union as of 31 December 2022 32. Events after the balance sheet date No significant events after the balance sheet date. ",
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"s10_notes__6__15": {
"value": "General information and basis of presentation Basic information about the Group Eezy\u2019s services include staffing services, professional services as well as light entrepreneurship services. Staffing services are provided through franchisees in addition to Group companies. Services are provided to a broad range of sectors including the hotel and restaurant, retail, manufacturing, construction and health care services sectors. Eezy Plc (\u201cparent company\u201d, \u201cEezy Plc\u201d), the parent company of Eezy Group (\u201cEezy\u201d, \u201cGroup\u201d) is a Finnish public limited company with a business ID of 2854570-7. The domicile of Eezy Plc is in Helsinki, Finland and the registered postal address is PL 901, 20101 Turku, Finland. Eezy Group consist of the parent company Eezy Plc and its subsidiaries. A copy of the consolidated financial statements is available at the website www.eezy.fi. The board of directors of Eezy Plc has approved the publication of these financial statements in its meeting on 15 February 2023. According to the Finnish Limited Liability Companies Act, shareholders are authorized to approve or reject the financial statements in the Annual General Meeting held after the publication. The Annual General Meeting can also decide on the amendments of the financial statements. ",
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"s10_notes__6__7": {
"value": "Eezy\u2019s services include staffing services, professional services as well as light entrepreneurship services. Staffing services are provided through franchisees in addition to Group companies. Services are provided to a broad range of sectors including the hotel and restaurant, retail, manufacturing, construction and health care services sectors.",
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"value": "Eezy Plc",
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"value": "Eezy Group",
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"entity": "scheme:743700ZKOMTB7X00OW54",
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"s10_notes__6__9": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__6__12": {
"value": "Finland",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__6__11": {
"value": "Finland",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
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"value": "Finland",
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"s10_notes__6__13": {
"value": "PL 901, 20101 Turku",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
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"s10_notes__6__16": {
"value": "The board of directors of Eezy Plc has approved the publication of these financial statements in its meeting on 15 February 2023. According to the Finnish Limited Liability Companies Act, shareholders are authorized to approve or reject the financial statements in the Annual General Meeting held after the publication. The Annual General Meeting can also decide on the amendments of the financial statements. ",
"dimensions": {
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"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__6__17": {
"value": "Basis of preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the SIC and IFRIC interpretations in force as at 31 December 2022. International Financial Reporting Standards refer to the standards and their interpretations approved for application in the EU in accordance with the procedure stipulated in the EU Regulation (EC) No. 1606/2002 and embodied in the Finnish Accounting Act and provisions under it. The notes to the consolidated financial statements have also been prepared in accordance with the requirements in Finnish accounting legislation and Community law that complement IFRS regulations. The consolidated financial statements are prepared for a calendar year, which is the financial period of the parent company and the Group companies. The consolidated financial statements are presented in thousands of euros, unless otherwise stated. Additionally, the sum of individual numbers may deviate from the presented sum figure due to rounding differences. The comparative prior year information is presented in brackets after the information for the current financial year. The consolidated financial statements are presented in euros, which is the parent company\u2019s functional and presentation currency. The information in the consolidated financial statements is based on original acquisition costs, except where otherwise stated in the accounting policy. ",
"dimensions": {
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"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__6__18": {
"value": "These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the SIC and IFRIC interpretations in force as at 31 December 2022. International Financial Reporting Standards refer to the standards and their interpretations approved for application in the EU in accordance with the procedure stipulated in the EU Regulation (EC) No. 1606/2002 and embodied in the Finnish Accounting Act and provisions under it. The notes to the consolidated financial statements have also been prepared in accordance with the requirements in Finnish accounting legislation and Community law that complement IFRS regulations.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__6__19": {
"value": "Segments Staffing is the core business of the Group and the Group operates in the domestic market. The Board of Directors of the parent company is the chief operating decision maker (CODM) that makes decision on the allocation of resources and reviews the profit or loss. The operations of the Group are managed and reviewed as a whole and therefore the Group has only one segment. The figures that the CODM reviews do not differ materially from the figures presented in the consolidated income statement and balance sheet. No geographical information is presented as the Group operates only in Finland. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__6__20": {
"value": "Foreign currency items The consolidated financial statements are presented in euros, which is the parent company\u2019s functional and presentation currency. Group\u2019s transactions are mainly denominated in euros. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__6__21-1": {
"value": "2. Significant management judgement and estimates The preparation of consolidated financial statements requires management to use judgement and estimates, which have an impact on the application of the accounting policy and the amounts of significant assets, liabilities, income and expenses. The actual results may differ from these estimates. The changes in accounting estimates are recognized in the financial year in which the change in estimate occurs as well as in future financial years on which they have an impact. Information on significant areas, which include significant estimates, uncertainties and judgement in the application of the accounting policies related to the items in the consolidated financial statements are presented in the following notes: \u2022 Revenue (note 3) \u2022 Income taxes (note 12) \u2022 Business combinations (note 14) \u2022 Intangible assets (note 15) \u2022 Leases (note 17) \u2022 Deferred tax assets and liabilities (note 19) \u2022 Financial risk management (note 26) Estimates and judgement are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the company and that are assumed to be reasonable under the circumstances. The impact of climate change on estimates and the Group's business operations Group has assessed that climate change has no significant direct effects, as the Group's business does not involve significant raw material or energy purchases. Climate change causes mainly indirect effects through the climate sensitivities of different customer industries. The Group's wide customer base reduces dependence on individual customers. The key assumptions of impairment testing Group assesses on every reporting date if there are indicators of impairment of goodwill. If any signs are detected, the carrying value of goodwill is compared to recoverable amount. The business growth and EBITDA used in goodwill impairment testing are based on management\u2019s assessment of the future development considering the general poor economic development and high inflation in Finland due to e.g indirect effects of Russia offensive war in Ukraine. In economic development has been taken into account the effect of possible sick leaves and the availability of labor in competition in the personnel service and recruitment market. More information on intangible assets is provided in note 15. Financial risk management The most significant financial risks for Eezy are liquidity risk and credit risk. Liquidity risk relates to ensuring and maintaining sufficient financing for Eezy. Eezy strives to continuously assess and monitor the amount of financing needed for the business operations, by, among others, performing a monthly analysis on the sales development and investment needs in order to ensure the Group has sufficient liquid assets to finance the operations and to repay the borrowings when they fall due. Credit risk arises specially from trade receivables. The Group monitors continuously the level of write downs on receivables and changes the models by taking into account existing conditions and forward-looking information. More information on financial risk management is provided in note 26. Significant management judgement and estimates Revenue is recognized to the extent that it is highly probable that a significant reversal in the amount of revenue will not occur. Eezy\u2019s management uses judgement when growth funding is recognized as deduction of revenue when services are rendered. Customer earns the growth funding paid in advance during the contract term based on purchases. Purchase commitment is defined based on the yearly purchase estimate made by the customer. By its nature growth funding is an advance payment paid to customer which is recognized as reduction of revenue when services are rendered to the customer. The purchase estimate informed by the customer may differ from the actual purchases and therefore the amounts recognized in revenue may differ from the estimate.Significant management judgement and estimates The tax expense recognized in profit or loss consists of the tax based on the taxable profit for the financial year, taxes related to the previous financial years and changes in deferred taxes. The management estimates the utilization of deferred tax assets against any future taxable profit. Management judgement on income taxes is presented in notes 14 and 19.Significant management judgement and estimates The net assets acquired is measured at fair value. The fair value of the net assets acquired is based on market value or estimated expected cash flows (customer relationships, trademarks and non-competition agreements) or the estimated market value of similar assets. Eezy\u2019s management has used judgement and made assumptions in the customer relationship and trademark fair value determination, which is based on the management assumptions and estimates of the expected long-term revenue and profitability development, length of the customer relationships and discount rate. In addition to the assumptions mentioned, management has made assumptions on the possible impact of competition to Eezy\u2019s business when valuing non-competition agreements. If the estimates and assumptions of the development of the business turns out to be too optimistic, an impairment may be required to be recognized on the assets. The management believes that the estimates and assumptions used are appropriate when determining fair values. The trademarks, customer relationships and non-competition agreements recognized as a result of acquisitions are presented in note 15. The fair value of the contingent consideration included in the acquisition purchase consideration is determined based on the present value of the expected cash flows. The final purchase consideration may differ from the amount estimated by management and these changes in fair value are recognized in the statement of comprehensive income. The carrying values of the contingent considerations recognized at the balance sheet date are presented in note 25.Significant management judgement and estimates Business combinations In business combinations, management makes estimates related to e.g. future cash flows of an acquired business, fair value adjustments, value and useful life of trademarks and synergies obtained from the acquisition. Goodwill impairment testing In the goodwill impairment testing, the carrying value of the group of cash generating units (CGU) is compared to the recoverable amount of the CGU at least annually and when there are indications that it might be impaired. The recoverable amount of the cash generating units is based on value in use calculations. Industry specific factors have been taken into account in the discount rate used. The recoverable amount used in impairment testing is assessed by using budgets, forecasts and terminal periods and the sensitivity is analyzed for discount rate, profitability, and changes in residual value growth factors. Changes in these estimates or in the structure or number of cash generating units or group of units may cause impairment in the fair value of assets or goodwill. The estimates concern the expected sale prices of services, expected price development of service costs, and discount rate. The value in use estimates require forecasts and assumptions, of which the most significant concern the revenue growth and development of costs, the level of maintenance investments and changes in the discount rate. It is possible that the predictions related to cash flow forecasts are not achieved. As a result, the impairment of goodwill or other assets may have a significant negative effect on the result and financial position in the future periods.Significant management judgement and estimates In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Otherwise the Group assesses the historical leases and need for replacement leases when determining lease terms. The lease term is reassessed if a significant event or significant change in circumstances occurs or the Group becomes obliged to exercise or not to exercise an option.Significant management judgement and estimates Eezy\u2019s management uses judgement when recognizing deferred tax assets and liabilities in the balance sheet. Deferred tax assets are recognized on the balance sheet only if the utilization of the assets is seen as more probable than not utilizing the deferred tax assets. Utilization is subject to the future generation of taxable income. Assumptions related to the generation of future taxable profit are based on the management estimates on future cash flows. The Group\u2019s ability to generate taxable income is also subject to the general economic situation, financing, competitiveness and regulation environment which are not in the Group\u2019s control. These estimates and assumptions involve risks and uncertainty, and thus it is possible that the changes in circumstances will change the expectations which may affect the amount of the deferred tax liabilities and assets recognized as well as other unrecognized tax losses and temporary differences.Significant management judgement and estimates Eezy\u2019s management uses judgement when determining whether there has been a significant increase in the credit risk of growth funding receivables so that the recognition of lifetime expected credit losses is commenced, and on the timing when the receivables are written off as impaired. Management presumes the credit risk to have increased significantly when the payments are at least 180 days past due. Additionally, the past-due receivables are analyzed on a case by case basis. The growth funding receivables are written off when there is not a reasonable expectation of recovery, for example when the customer is in liquidation or has entered bankruptcy. Capital management Eezyn johto seuraa osana p\u00e4\u00e4oman hallintaa konsernitaseen mukaisia lainoja sek\u00e4 omaa p\u00e4\u00e4omaa. Konsernin p\u00e4\u00e4oman As a part of their capital management, Eezy\u2019s management monitors the borrowings and equity as presented in the consolidated balance sheet. The aim of the Group\u2019s capital management (equity vs. debt) is, with the optimal capital structure, to support the business operations by ensuring normal operational prerequisites, and to increase the shareholder value in the long term. Capital management is also driven by the owners\u2019 aim to maintain a simple financial structure. Capital needs are primarily fulfilled with long-term debt financing. The capital structure is adjusted mainly by dividend distributions and share issues. The Group can also decide to sell assets in order to reduce debt. The development of the Group\u2019s capital structure is monitored with comparing net debt to adjusted EBITDA, which is reported to the Group management regularly. Net debt is calculated by deducting cash and cash equivalents from non-current and current loans from financial institutions, non-current other liabilities, lease liabilities, current contingent consideration liabilities and current financial liabilities. Adjusted EBITDA is calculated by adding to operating profit the following: depreciation, amortization and impairment losses, and items affecting comparability, such as items relating to acquisitions, closing of business operations, structural reorganization and significant redundancy costs. Interest rate risk Interest rate risk means the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s loans primarily have floating interest rates and a significant part of its loans are linked to the Euribor, EUR 17.5 million loan has a fixed interest rate. The Group\u2019s floating interest rates loans may expose to the cash flow interest rate risk. The interest rates of borrowings are described in note 24.",
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"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s10_notes__6__23": {
"value": "3. Revenue Eezy\u2019s revenue comprises income from staffing services, professional services and light entrepreneurship services. In staffing services Eezy provides the customer the resources agreed. Eezy seeks employees through open applications as well as through its own employee pool in order to find an employee fulfilling the customer requirements within a short notice. The employee signs the employment contract with Eezy and Eezy is responsible for all the employer obligations, but work is performed under the customer company\u2019s management. Staffing services\u2019 revenue consists of income from services performed and invoiced by Eezy Group companies. In franchising services, Eezy signs a contract with local franchisees, which gives the local company a right to sell services using Eezy business concept and brand. Eezy also offers business support services to their customers. Franchising revenue comprises charges based on cooperation agreements. In the professional services area, Eezy provides consulting services for organizational development, cultural design, and personnel surveys. Eezy also provides recruitment, aptitude testing, training, and executive search services. Additionally, Eezy provides workforce training, coaching, guiding and rehabilitation services for the public sector as well as entrance examination courses and courses for upper secondary school students for private customers. Light entrepreneurship services comprise the invoicing and business support services provided to the employee customers and the revenue from light entrepreneurship services comprise the fees collected from the employee customers. With the light entrepreneurship services provided to private persons they can operate as independent entrepreneurs without establishing a company of their own. Revenue by service area: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Staffing services 212 699 178 054 Franchise fees 6 292 7 058 Professional services 26 069 15 723 Light entrepreneurship services 2 536 2 493 Total revenue 247 596 203 328 Bad debt provisions related to trade receivables and contractual assets are presented in note 26. Eezy does not have incremental costs for obtaining a contract or costs to fulfil a contract. Accounting policy Revenue recognition Revenue is recognized when service or goods have been delivered and control is perceived to been transferred to the customer to amount in which Eezy expects to be entitled to based on the customer contract in exchange for the services performed. Staffing services In staffing services Eezy signs a contract with the customer, in which the personnel resourced required by the customer are determined, and for which Eezy invoices according to principles defined in the contract. The range of services, contract terms and the length of the contract varies by customers. Assignments are mainly fixed-term contracts. Staffing services are considered as a series of (distinct) services, as each working hour is a distinct item, services are substantially the same, and have the same pattern of transfer to the customer over time. These series of services are recognized as one performance obligation. The price for the services is agreed on the customer contract, in which set prices are given for each service. Customer contracts do not include any significant variable consideration. The staffing services are mainly invoiced every two weeks. Typical payment term is 7-14 days net. Revenue are recognized over time as the customer benefits from the staffing services simultaneously as services are rendered. In addition, Eezy utilizes the practical expedient provided in IFRS 15 and recognizes the revenue for services provided by the reporting date in the amount to which it has a right to invoice. In staffing service contracts including growth funding arrangements, which Eezy has because of acquisition of Smile in 2019, the customer is obliged to purchase the amount of staffing services defined in the contract during a certain period. Contracts including growth funding arrangements are fixed-period contracts, typically 1-5 years. Eezy makes a growth funding payment to the customer based on a purchase commitment defined in the contract. Purchase commitment has been determined based on annual purchase estimate informed by the customer. By its nature, a growth funding payment is an advanced payment paid to the customer based on a purchase commitment and therefore recognized in receivables. The customer earns the growth funding paid in advance during the contract period based on the purchases made by them. The growth funding is a discount paid to the customer in advance which is recorded as a deduction of revenue when services are rendered to the customer. Growth funding is recognized in other current and non-current receivables. The total amount of growth funding receivables was EUR 613 thousand as at 31 December 2022 (EUR 1 041 thousand as at 31 December 2021). Based on management estimate, growth funding receivables will be deducted from the recognized revenue during the next 1 to 5 years. More information on growth funding is presented in note 26. Franchising Eezy Group signs cooperation agreements with chain entrepreneurs, which, based on management judgement, comprises the following performance obligations. According to the cooperation agreement, Eezy provides to the local franchisee firstly the franchising right, i.e. the right to sell services using Eezy\u2019s business concept and brand and secondly business support services. According to the cooperation agreement, a local entrepreneur pays a cooperation fee to Eezy which includes the franchising right and business support services. The franchising right is a license as the local entrepreneur is given a right to use Eezy\u2019s intellectual property. Revenue is recognized over time. The cooperation charges are payments based on the local entrepreneurs\u2019 revenue and/or gross profit and revenue is recognized as the local entrepreneurs\u2019 sales occurs. Revenue from the business support services is also recognized over time as the customer simultaneously benefits from the service as Eezy provides it. Professional services In the professional services area, Eezy provides consulting services for organizational development, cultural design and personnel surveys. Eezy also provides recruitment, aptitude testing, training, and executive search services. Additionally, Eezy provides workforce training, coaching, guiding and rehabilitation services for the public sector as well as entrance examination courses and courses for upper secondary school students for private customers. Professional services are considered as a series of distinct services, as each working hour is a distinct item, services are substantially the same, and have the same pattern of transfer to the customer over time. Revenue from these services is recognized as services are rendered. The customer contracts do not include return or refund obligations or specific terms on warranties. Typical payment term agreed in the contract is 14-30 days net. Light entrepreneurship services Light entrepreneurship services comprise invoicing and administration services provided to the customers. A private individual selling one\u2019s own expertise, invoices the services provided through Eezy\u2019s service and receives the payment agreed with their customer with Eezy\u2019s fee deducted from the balance. According to the management only one performance obligation is included in the customer contract: an invoicing service, which includes separate tasks. Although the service includes separate tasks, all are substantially the same, and have the same pattern of transfer to the customer (series of distinct services). Revenue from invoicing service is recognized as services are rendered, i.e. when the client\u2019s customer is invoiced. Contractual assets and liabilities Contract assets are presented in other current and non-current receivables and related liabilities in current and non-current other liabilities. Receivables that Eezy has an unconditional right to receive, i.e. only the passage of time is required before payment of the consideration is due, are presented as trade receivables. Significant management judgement and estimates Revenue is recognized to the extent that it is highly probable that a significant reversal in the amount of revenue will not occur. Eezy\u2019s management uses judgement when growth funding is recognized as deduction of revenue when services are rendered. Customer earns the growth funding paid in advance during the contract term based on purchases. Purchase commitment is defined based on the yearly purchase estimate made by the customer. By its nature growth funding is an advance payment paid to customer which is recognized as reduction of revenue when services are rendered to the customer. The purchase estimate informed by the customer may differ from the actual purchases and therefore the amounts recognized in revenue may differ from the estimate. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__22": {
"value": "3. Revenue Eezy\u2019s revenue comprises income from staffing services, professional services and light entrepreneurship services. In staffing services Eezy provides the customer the resources agreed. Eezy seeks employees through open applications as well as through its own employee pool in order to find an employee fulfilling the customer requirements within a short notice. The employee signs the employment contract with Eezy and Eezy is responsible for all the employer obligations, but work is performed under the customer company\u2019s management. Staffing services\u2019 revenue consists of income from services performed and invoiced by Eezy Group companies. In franchising services, Eezy signs a contract with local franchisees, which gives the local company a right to sell services using Eezy business concept and brand. Eezy also offers business support services to their customers. Franchising revenue comprises charges based on cooperation agreements. In the professional services area, Eezy provides consulting services for organizational development, cultural design, and personnel surveys. Eezy also provides recruitment, aptitude testing, training, and executive search services. Additionally, Eezy provides workforce training, coaching, guiding and rehabilitation services for the public sector as well as entrance examination courses and courses for upper secondary school students for private customers. Light entrepreneurship services comprise the invoicing and business support services provided to the employee customers and the revenue from light entrepreneurship services comprise the fees collected from the employee customers. With the light entrepreneurship services provided to private persons they can operate as independent entrepreneurs without establishing a company of their own. Revenue by service area: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Staffing services 212 699 178 054 Franchise fees 6 292 7 058 Professional services 26 069 15 723 Light entrepreneurship services 2 536 2 493 Total revenue 247 596 203 328 Bad debt provisions related to trade receivables and contractual assets are presented in note 26. Eezy does not have incremental costs for obtaining a contract or costs to fulfil a contract. Accounting policy Revenue recognition Revenue is recognized when service or goods have been delivered and control is perceived to been transferred to the customer to amount in which Eezy expects to be entitled to based on the customer contract in exchange for the services performed. Staffing services In staffing services Eezy signs a contract with the customer, in which the personnel resourced required by the customer are determined, and for which Eezy invoices according to principles defined in the contract. The range of services, contract terms and the length of the contract varies by customers. Assignments are mainly fixed-term contracts. Staffing services are considered as a series of (distinct) services, as each working hour is a distinct item, services are substantially the same, and have the same pattern of transfer to the customer over time. These series of services are recognized as one performance obligation. The price for the services is agreed on the customer contract, in which set prices are given for each service. Customer contracts do not include any significant variable consideration. The staffing services are mainly invoiced every two weeks. Typical payment term is 7-14 days net. Revenue are recognized over time as the customer benefits from the staffing services simultaneously as services are rendered. In addition, Eezy utilizes the practical expedient provided in IFRS 15 and recognizes the revenue for services provided by the reporting date in the amount to which it has a right to invoice. In staffing service contracts including growth funding arrangements, which Eezy has because of acquisition of Smile in 2019, the customer is obliged to purchase the amount of staffing services defined in the contract during a certain period. Contracts including growth funding arrangements are fixed-period contracts, typically 1-5 years. Eezy makes a growth funding payment to the customer based on a purchase commitment defined in the contract. Purchase commitment has been determined based on annual purchase estimate informed by the customer. By its nature, a growth funding payment is an advanced payment paid to the customer based on a purchase commitment and therefore recognized in receivables. The customer earns the growth funding paid in advance during the contract period based on the purchases made by them. The growth funding is a discount paid to the customer in advance which is recorded as a deduction of revenue when services are rendered to the customer. Growth funding is recognized in other current and non-current receivables. The total amount of growth funding receivables was EUR 613 thousand as at 31 December 2022 (EUR 1 041 thousand as at 31 December 2021). Based on management estimate, growth funding receivables will be deducted from the recognized revenue during the next 1 to 5 years. More information on growth funding is presented in note 26. Franchising Eezy Group signs cooperation agreements with chain entrepreneurs, which, based on management judgement, comprises the following performance obligations. According to the cooperation agreement, Eezy provides to the local franchisee firstly the franchising right, i.e. the right to sell services using Eezy\u2019s business concept and brand and secondly business support services. According to the cooperation agreement, a local entrepreneur pays a cooperation fee to Eezy which includes the franchising right and business support services. The franchising right is a license as the local entrepreneur is given a right to use Eezy\u2019s intellectual property. Revenue is recognized over time. The cooperation charges are payments based on the local entrepreneurs\u2019 revenue and/or gross profit and revenue is recognized as the local entrepreneurs\u2019 sales occurs. Revenue from the business support services is also recognized over time as the customer simultaneously benefits from the service as Eezy provides it. Professional services In the professional services area, Eezy provides consulting services for organizational development, cultural design and personnel surveys. Eezy also provides recruitment, aptitude testing, training, and executive search services. Additionally, Eezy provides workforce training, coaching, guiding and rehabilitation services for the public sector as well as entrance examination courses and courses for upper secondary school students for private customers. Professional services are considered as a series of distinct services, as each working hour is a distinct item, services are substantially the same, and have the same pattern of transfer to the customer over time. Revenue from these services is recognized as services are rendered. The customer contracts do not include return or refund obligations or specific terms on warranties. Typical payment term agreed in the contract is 14-30 days net. Light entrepreneurship services Light entrepreneurship services comprise invoicing and administration services provided to the customers. A private individual selling one\u2019s own expertise, invoices the services provided through Eezy\u2019s service and receives the payment agreed with their customer with Eezy\u2019s fee deducted from the balance. According to the management only one performance obligation is included in the customer contract: an invoicing service, which includes separate tasks. Although the service includes separate tasks, all are substantially the same, and have the same pattern of transfer to the customer (series of distinct services). Revenue from invoicing service is recognized as services are rendered, i.e. when the client\u2019s customer is invoiced. Contractual assets and liabilities Contract assets are presented in other current and non-current receivables and related liabilities in current and non-current other liabilities. Receivables that Eezy has an unconditional right to receive, i.e. only the passage of time is required before payment of the consideration is due, are presented as trade receivables. Significant management judgement and estimates Revenue is recognized to the extent that it is highly probable that a significant reversal in the amount of revenue will not occur. Eezy\u2019s management uses judgement when growth funding is recognized as deduction of revenue when services are rendered. Customer earns the growth funding paid in advance during the contract term based on purchases. Purchase commitment is defined based on the yearly purchase estimate made by the customer. By its nature growth funding is an advance payment paid to customer which is recognized as reduction of revenue when services are rendered to the customer. The purchase estimate informed by the customer may differ from the actual purchases and therefore the amounts recognized in revenue may differ from the estimate. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s10_notes__6__24": {
"value": "Accounting policy Revenue recognition Revenue is recognized when service or goods have been delivered and control is perceived to been transferred to the customer to amount in which Eezy expects to be entitled to based on the customer contract in exchange for the services performed. Staffing services In staffing services Eezy signs a contract with the customer, in which the personnel resourced required by the customer are determined, and for which Eezy invoices according to principles defined in the contract. The range of services, contract terms and the length of the contract varies by customers. Assignments are mainly fixed-term contracts. Staffing services are considered as a series of (distinct) services, as each working hour is a distinct item, services are substantially the same, and have the same pattern of transfer to the customer over time. These series of services are recognized as one performance obligation. The price for the services is agreed on the customer contract, in which set prices are given for each service. Customer contracts do not include any significant variable consideration. The staffing services are mainly invoiced every two weeks. Typical payment term is 7-14 days net. Revenue are recognized over time as the customer benefits from the staffing services simultaneously as services are rendered. In addition, Eezy utilizes the practical expedient provided in IFRS 15 and recognizes the revenue for services provided by the reporting date in the amount to which it has a right to invoice. In staffing service contracts including growth funding arrangements, which Eezy has because of acquisition of Smile in 2019, the customer is obliged to purchase the amount of staffing services defined in the contract during a certain period. Contracts including growth funding arrangements are fixed-period contracts, typically 1-5 years. Eezy makes a growth funding payment to the customer based on a purchase commitment defined in the contract. Purchase commitment has been determined based on annual purchase estimate informed by the customer. By its nature, a growth funding payment is an advanced payment paid to the customer based on a purchase commitment and therefore recognized in receivables. The customer earns the growth funding paid in advance during the contract period based on the purchases made by them. The growth funding is a discount paid to the customer in advance which is recorded as a deduction of revenue when services are rendered to the customer. Growth funding is recognized in other current and non-current receivables. The total amount of growth funding receivables was EUR 613 thousand as at 31 December 2022 (EUR 1 041 thousand as at 31 December 2021). Based on management estimate, growth funding receivables will be deducted from the recognized revenue during the next 1 to 5 years. More information on growth funding is presented in note 26. Franchising Eezy Group signs cooperation agreements with chain entrepreneurs, which, based on management judgement, comprises the following performance obligations. According to the cooperation agreement, Eezy provides to the local franchisee firstly the franchising right, i.e. the right to sell services using Eezy\u2019s business concept and brand and secondly business support services. According to the cooperation agreement, a local entrepreneur pays a cooperation fee to Eezy which includes the franchising right and business support services. The franchising right is a license as the local entrepreneur is given a right to use Eezy\u2019s intellectual property. Revenue is recognized over time. The cooperation charges are payments based on the local entrepreneurs\u2019 revenue and/or gross profit and revenue is recognized as the local entrepreneurs\u2019 sales occurs. Revenue from the business support services is also recognized over time as the customer simultaneously benefits from the service as Eezy provides it. Professional services In the professional services area, Eezy provides consulting services for organizational development, cultural design and personnel surveys. Eezy also provides recruitment, aptitude testing, training, and executive search services. Additionally, Eezy provides workforce training, coaching, guiding and rehabilitation services for the public sector as well as entrance examination courses and courses for upper secondary school students for private customers. Professional services are considered as a series of distinct services, as each working hour is a distinct item, services are substantially the same, and have the same pattern of transfer to the customer over time. Revenue from these services is recognized as services are rendered. The customer contracts do not include return or refund obligations or specific terms on warranties. Typical payment term agreed in the contract is 14-30 days net. Light entrepreneurship services Light entrepreneurship services comprise invoicing and administration services provided to the customers. A private individual selling one\u2019s own expertise, invoices the services provided through Eezy\u2019s service and receives the payment agreed with their customer with Eezy\u2019s fee deducted from the balance. According to the management only one performance obligation is included in the customer contract: an invoicing service, which includes separate tasks. Although the service includes separate tasks, all are substantially the same, and have the same pattern of transfer to the customer (series of distinct services). Revenue from invoicing service is recognized as services are rendered, i.e. when the client\u2019s customer is invoiced. Contractual assets and liabilities Contract assets are presented in other current and non-current receivables and related liabilities in current and non-current other liabilities. Receivables that Eezy has an unconditional right to receive, i.e. only the passage of time is required before payment of the consideration is due, are presented as trade receivables. Significant management judgement and estimates Revenue is recognized to the extent that it is highly probable that a significant reversal in the amount of revenue will not occur. Eezy\u2019s management uses judgement when growth funding is recognized as deduction of revenue when services are rendered. Customer earns the growth funding paid in advance during the contract term based on purchases. Purchase commitment is defined based on the yearly purchase estimate made by the customer. By its nature growth funding is an advance payment paid to customer which is recognized as reduction of revenue when services are rendered to the customer. The purchase estimate informed by the customer may differ from the actual purchases and therefore the amounts recognized in revenue may differ from the estimate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s10_notes__6__27": {
"value": "4. Other operating incomeEUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Grants received 152 1 079 Gain on disposal of tangible assets 21 22 Change in VAT handling - 1 688 Gain on disposal of investments in group companies - 109 Other operating income 173 171 Total 347 3 070 Other operating income include a change in light entrepreneurship service fee\u2019s VAT handling of EUR 1 688 thousand in 2021. In 2022, grants received include a corona subsidy from State treasury totaling EUR 0 thousand (EUR 1000 thousand in 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__26-1": {
"value": "4. Other operating incomeEUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Grants received 152 1 079 Gain on disposal of tangible assets 21 22 Change in VAT handling - 1 688 Gain on disposal of investments in group companies - 109 Other operating income 173 171 Total 347 3 070 Other operating income include a change in light entrepreneurship service fee\u2019s VAT handling of EUR 1 688 thousand in 2021. In 2022, grants received include a corona subsidy from State treasury totaling EUR 0 thousand (EUR 1000 thousand in 2021). 9. Other operating expenses EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 IT machinery and software expenses -3 546 -2 734 Administrative expenses -3 256 -3 492 Marketing expenses -3 164 -2 990 Personnel related expenses -2 968 -2 323 Travelling expenses -2 108 -1 704 Facility maintenance expenses -614 -438 Transaction expenses related to acquisitions -273 -415 Credit losses 217 80 1Other expenses-1 803 -1 254 Total -17 515 -15 270 1 Other expenses consist of multiple items that are not material separately. 10. Auditor fees EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Statutory audit 191 235 Other advisory services 6 7 Tax advisory services 9 14 Other services 138 58 Total 344 313 Auditor fees include the fees paid to the auditors of each Group company. Other services include mainly the expenses related to the acquisitions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s10_notes__6__28": {
"value": "In 2022, grants received include a corona subsidy from State treasury totaling EUR 0 thousand (EUR 1000 thousand in 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__29": {
"value": "5. Materials and servicesEUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Recruitment costs, purchases and subcontracting -1 987 -1 649 Rent on premises -821 -125 Other external services -6 571 -4 285 Total -9 379 -6 059 Other external services consist primarily of subcontracting and other services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__30-1": {
"value": "6. Personnel expensesEezy\u2019s personnel expenses consists of wages and salaries, pension and social security expenses and expenses related to the share-based payments. The Group\u2019s pension plans are classified as defined contribution plans. EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Wages and salaries -166 961 -137 558 Pension expenses -29 578 -23 515 Share-based payments (note 7) 32 -17 Other social security expenses -6 318 -4 487 Total -202 825-165 576 Key management remuneration is presented in note 13. Accounting policy Pension obligations are classified as defined benefit plans or defined contribution plans. The Group\u2019s statutory pension plans in Finland are classified as defined contribution plans. For defined contribution plans, the Group pays contributions to a separate fund, i. e. pension insurance companies. The Group does not have legal or constructive obligations to further payments if the fund does not have sufficient assets to pay the employee benefits related to the employee service from current and prior periods. Contributions to the defined contribution plans are recognized in the income statement in the period to which the contributions relate. Eezy does not have any defined benefit plans. The average number of employees during the financial year in presented in the table below: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Salaried employees 527 374 Workers 3 837 3 320 Total 4 364 3 694 Accounting policy Eezy has a share-based compensation plan where the settlement is a combination of equity and cash. The cost is recognized over the period during which the employee has to remain in the company\u2019s payroll in order the award to vest. Cost is recognized from the grant date or the service beginning date, whichever is earlier, until the settlement date. The component paid as equity (shares) is recognized as an expense measured at the grant date fair value and is not remeasured after the grant date. The performance conditions of the arrangement are non-market conditions and are not taken into account in the grant date fair value but instead are taken into account by adjusting the number of shares that are expected to vest. The expense recognized is based on management\u2019s judgement on the likelihood of achieving the performance conditions, and as such the number of shares that are expected to vest. In addition, the expense recognized is impacted by the company\u2019s management\u2019s estimate on the number of participants in the arrangement that will remain in the company\u2019s payroll until the award is settled. The achievement of vesting conditions is estimated at the end of each reporting period and ultimately the amount recognized is based on the number of shares that eventually vest. The cash-settled component is measured at the end of each reporting period and at the liability settlement date. Also, for the cash-settled award, the amount recognized is impacted by the management\u2019s estimate on the achievement of performance targets and the number of the participants in the arrangement that will remain in the company\u2019s payroll until the award is settled. The expense on the component settled in shares is recognized as personnel expenses and the corresponding amount is credited in retained earnings. The cash-settled amount is recognized as personnel expenses and as non-current other liabilities in the balance sheet.Key management remuneration (accrual basis) is presented below: Board of Directors remuneration EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Tapio Pajuharju 50 48 Kati Hagros 25 25 Liisa Harjula 25 25 Timo Laine, until 12 April 2022 6 24 Timo M\u00e4nty 24 24 Paul-Petteri Savolainen 24 24 Jarno Suominen 25 25 Mika Uotila 25 24 Mikko Wiren, from 12 April 2022 20 - Total 224 220 Key management wages and salaries (not including CEO) EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Wages, salaries and benefits 755 782 CEO remuneration EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Wages, salaries and benefits CEO, until 19 December 2022 545 296 CEO, from 19 December 2022 9 - Total 554 296 In 2022 CEO\u2019s remuneration includes termination benefits. Management compensation (Board of Directors, CEO, key managament) EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Short-term employee benefits 1 373 1 324 Post-employment benefits 193 190 Termination benefits 221 - Share-based payments -18 9 Total 1 769 1 523 CEO pension obligations and severance compensation The CEO participates in the statutory Finnish pension scheme (TyEL) under the Employees Pension Act under which the pension is based on the service period and earnings. No specific retirement age has been agreed. The pension expenses recognized was EUR 60 (52) thousand. The CEO\u2019s term of notice is three months in case the CEO decides to resign and nine months if the contract is terminated by the company. The CEO will receive normal compensation during the termination period and is not entitled to a separate compensation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__31": {
"value": "Accounting policy Pension obligations are classified as defined benefit plans or defined contribution plans. The Group\u2019s statutory pension plans in Finland are classified as defined contribution plans. For defined contribution plans, the Group pays contributions to a separate fund, i. e. pension insurance companies. The Group does not have legal or constructive obligations to further payments if the fund does not have sufficient assets to pay the employee benefits related to the employee service from current and prior periods. Contributions to the defined contribution plans are recognized in the income statement in the period to which the contributions relate. Eezy does not have any defined benefit plans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__32": {
"value": "The average number of employees during the financial year in presented in the table below: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Salaried employees 527 374 Workers 3 837 3 320 Total 4 364 3 694 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__33": {
"value": "7. Share-based payments The Board of Directors of Eezy Plc decided on 17 December 2019 on a long-term share-based compensation plan (LTIP 2019-2026) targeted to key employees and on 30 November 2021 to amend the terms due to the changes in the company\u2019s business environment caused by the coronavirus pandemic. The terms of the long-term incentive were amended by extending the duration of the long-term incentive plan by one year until 2026 and adding a new earning period. On 28 March the board of director decided to extend the third earning period of the incentive plan. The aim of the incentive plan is to align the objectives of the shareholders and the key personnel in order to increase the value of the company as well as to ensure the execution of business strategy on a long-term basis. In addition, the aim is to engage the key personnel of the company and to offer them a competitive incentive plan based on share ownership and the development of the company\u2019s value. The share-based incentive plan contains five earning periods. The first 13 months earning period started on 1 December 2019 and ended on 31 December 2020. The second 13 months earning period started on 1 December 2020 and ended on 31 December 2021. The third 16 months earning period started on 1 December 2021 and ends on 31 March 2023. The fourth 24 months earning period starts on 1 January 2023 and ends on 31 December 2024. The fifth 24 months earning period starts on 1 January 2025 and ends on 31 December 2026. The Company\u2019s Board of Directors determines the reward criteria and their target levels as well as the employees covered by the incentive plan before the beginning of each earning period. No shares were issued for the first and second earning periods. From the third period a maximum of 246 000 shares can be paid as compensation. The payment of the compensation is subject to the condition that the key employee\u2019s employment or service relationship has not been terminated prior to the payment. Additionally, the payment is subject to achieving the set revenue and operating profit margin targets. The amount of compensation paid is subject to the achievement levels of the performance targets. The Board of Directors has the right to pay the compensation in shares, cash or as a combination of these. It is currently estimated that no shares will be earned for the period. The fair value of the shares granted is determined based on the company\u2019s quoted share value reduced by the estimated number of dividends paid during the accounting period. Long-term (2019-2026) share-based compensation plan Earning period 1 Dec 2019 \u2013 31 Dec 2020 Number of shares granted (maximum) 137 210 Number of shares forfeited 31 008 Number of shares not exercised 106 202 Number of shares granted as at 31 Dec 2022 0 Share price at the beginning of service 6.25 Performance conditions Service condition Revenue growth and operating profit % Estimated time of payment No payment Payment method Combination of shares and cash Number of participants 7 Long-term (2019-2026) share-based compensation plan Earning period 1 Dec 2020 \u2013 31 Dec 2021 Number of shares granted (maximum) 179 091 Number of shares forfeited 0 Number of shares not exercised 179 091 Number of shares granted as at 31 Dec 2022 0 Share price at the beginning of service 4.87 Performance conditions Service condition Revenue and operating profit Estimated time of payment No payment Payment method Combination of shares and cash Number of participants 8 Long-term (2019-2026) share-based compensation plan Earning period 1 Dec 2021 \u2013 31 March 2023 Number of shares granted (maximum) 246 000 Number of shares forfeited 60 000 Number of shares granted as at 31 Dec 2022 186 000 Share price at the beginning of service 5.92 Performance conditions Service condition Revenue and operating profit % Estimated time of payment No payment Payment method Combination of shares and cash Number of participants in the beginning of the earning period 18 The amount of profits recognized in the accounting period is EUR 32 (expenses 17) thousand, of which EUR -16 (16) thousand is from the share portion and recognized within the equity. The amount of the liability recognized in the balance sheet is EUR 0 (16) thousand as at 31 December 2022. Accounting policy Eezy has a share-based compensation plan where the settlement is a combination of equity and cash. The cost is recognized over the period during which the employee has to remain in the company\u2019s payroll in order the award to vest. Cost is recognized from the grant date or the service beginning date, whichever is earlier, until the settlement date. The component paid as equity (shares) is recognized as an expense measured at the grant date fair value and is not remeasured after the grant date. The performance conditions of the arrangement are non-market conditions and are not taken into account in the grant date fair value but instead are taken into account by adjusting the number of shares that are expected to vest. The expense recognized is based on management\u2019s judgement on the likelihood of achieving the performance conditions, and as such the number of shares that are expected to vest. In addition, the expense recognized is impacted by the company\u2019s management\u2019s estimate on the number of participants in the arrangement that will remain in the company\u2019s payroll until the award is settled. The achievement of vesting conditions is estimated at the end of each reporting period and ultimately the amount recognized is based on the number of shares that eventually vest. The cash-settled component is measured at the end of each reporting period and at the liability settlement date. Also, for the cash-settled award, the amount recognized is impacted by the management\u2019s estimate on the achievement of performance targets and the number of the participants in the arrangement that will remain in the company\u2019s payroll until the award is settled. The expense on the component settled in shares is recognized as personnel expenses and the corresponding amount is credited in retained earnings. The cash-settled amount is recognized as personnel expenses and as non-current other liabilities in the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__34": {
"value": "Accounting policy Eezy has a share-based compensation plan where the settlement is a combination of equity and cash. The cost is recognized over the period during which the employee has to remain in the company\u2019s payroll in order the award to vest. Cost is recognized from the grant date or the service beginning date, whichever is earlier, until the settlement date. The component paid as equity (shares) is recognized as an expense measured at the grant date fair value and is not remeasured after the grant date. The performance conditions of the arrangement are non-market conditions and are not taken into account in the grant date fair value but instead are taken into account by adjusting the number of shares that are expected to vest. The expense recognized is based on management\u2019s judgement on the likelihood of achieving the performance conditions, and as such the number of shares that are expected to vest. In addition, the expense recognized is impacted by the company\u2019s management\u2019s estimate on the number of participants in the arrangement that will remain in the company\u2019s payroll until the award is settled. The achievement of vesting conditions is estimated at the end of each reporting period and ultimately the amount recognized is based on the number of shares that eventually vest. The cash-settled component is measured at the end of each reporting period and at the liability settlement date. Also, for the cash-settled award, the amount recognized is impacted by the management\u2019s estimate on the achievement of performance targets and the number of the participants in the arrangement that will remain in the company\u2019s payroll until the award is settled. The expense on the component settled in shares is recognized as personnel expenses and the corresponding amount is credited in retained earnings. The cash-settled amount is recognized as personnel expenses and as non-current other liabilities in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__37-1": {
"value": "8. Depreciation, amortization and impairment Depreciation, amortization and impairment by asset class is presented in the table below: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Acquisition related amortization Trademarks -338 -249 Customer relationships -2 926 -2 727 Non-competition agreements -797 -1 068 Total -4 061 -4 045 Other intangible assets Trademarks -15 -24 IT software -1 307 -1 167 Development costs -109 -14 Total -1 432 -1 204 Total amortization, intangible assets -5 493 -5 249 Property, plant and equipment Buildings -161 -147 Buildings, right-of-use -2 169 -1 974 Machinery and equipment -102 -138 Machinery and equipment, right-of-use -301 -173 Total -2 733 -2 431 Total other depreciation, amortization and 1impairment losses-4 165 -3 636 Total depreciation, amortization and impairment losses -8 226 -7 680 The acquisition related amortization comprises the amortization made on the recognized fair value adjustments arisen from business combinations. 1 Total other depreciation, amortization and impairment losses is total depreciation and amortization less the acquisition related amortization. Goodwill impairment testing Goodwill is tested for impairment annually to identify any impairment. In addition, the Group monitors any internal and external indicators to identify any signs for impairment. If signs are detected, the carrying value of goodwill is compared to recoverable amount. In the goodwill impairment testing, the carrying value of the group of cash generating units (CGU) is compared to the recoverable amount of the CGU. Eezy has one CGU which is the segment defined by the company and is the level used to monitor the goodwill. If the recoverable amount of the CGU is lower than the carrying value, the difference is recognized as an impairment loss in the statement of comprehensive income. Impairment tests have indicated that the recoverable amount of the CGU exceeds the carrying value and goodwill has not been impaired. Impairment testing and the key assumptions The recoverable amount of the CGU is determined using a value-in-use method. Value-in-use is calculated by discounting the future cash flows. The calculation of the recoverable amount is impacted primarily by changes in the forecasted EBITDA, discount rate used and the estimated revenue growth. The business growth and EBITDA are based on management\u2019s assessment of the future market demand and environment. The key assumptions used in the value-in-use calculations: 31 Dec 2022 31 Dec 2021 The average cumulative increase in revenue, forecast period 6.1% 10.4% Terminal growth assumption 2.0% 1.0% Average EBITDA, forecast period 10.3% 10.3% Forecasted EBITDA, terminal value 9.5% 9.5% Pre-tax discount rate 11.3% 10.9% Impairment testing calculations are based on the cash flow forecasts and the budget prepared by the Group\u2019s management team and approved by the Board of Directors, including the forecast and terminal periods. A five-year forecast period is used in the impairment testing calculations. The (after-tax) discount rate used is based on the weighted average cost of capital (WACC). The management has determined the following assumptions used in the calculations: Assumption Description Revenue growth Revenue growth is based on the review period forecast. The impact of the acquisitions completed in the financial year on the Group\u2019s revenue has been considered in the growth forecast. EBITDA EBITDA is based on the budgeted, forecasted profitability development in the review period as well as expected long-term profitability. Terminal growth assumption The growth assumption for the terminal period has been determined as 2% which represents the long-term inflation projections Discount rate The discount rate is determined based on peer company analysis. The forecasted cash flows are based on the existing business of the cash generating unit at the time of testing. Expansion investments have not been taken into account in the cash flow forecast estimates. The Group\u2019s cash generating unit provides mainly staffing services. The management judgement and estimates regarding future have a central role in preparing the impairment testing calculations. The discounted cash flow method used in preparing the calculations requires forecasts and assumptions of which the most significant relate to revenue growth, the development of costs, the level of maintenance investments and changes in the discount rate. The main uncertainty factors in calculations are the general poor economic development and high inflation in Finland due to e.g indirect effects of Russia offensive war in Ukraine, the effect of possible sick leaves and the availability of labor in competition in the personnel service and recruitment market. The growth assumption for the terminal period has been determined as 2% which represents the long-term inflation projections. It is possible that the predictions related to the cash flow forecasts are not achieved. As a result, the impairment of goodwill or other assets may have a significantly negative effect on the result and the financial position in the future periods. The result of impairment testing is assessed by comparing recoverable amount of CGU to carrying value of CGU as follows: Recoverable amount / Carrying value Test result less than 1.0 Impairment 1.0-1.2 Exceeds slightly 1.2-1.5 Exceeds clearly more than 1.5 Exceeds remarkably In 2022 and 2021, impairment testing has been performed quarterly. Test result of impairment testing exceeds remarkably; therefore no impairment losses have been recognized in any financial periods presented. The management has prepared a sensitivity analysis for the key factors and based on the management estimate none of the reasonably possible changes in the staffing service key assumptions would lead to a situation in which the recoverable amount would be less than the carrying value of the cash generating unit.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__36": {
"value": "8. Depreciation, amortization and impairment Depreciation, amortization and impairment by asset class is presented in the table below: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Acquisition related amortization Trademarks -338 -249 Customer relationships -2 926 -2 727 Non-competition agreements -797 -1 068 Total -4 061 -4 045 Other intangible assets Trademarks -15 -24 IT software -1 307 -1 167 Development costs -109 -14 Total -1 432 -1 204 Total amortization, intangible assets -5 493 -5 249 Property, plant and equipment Buildings -161 -147 Buildings, right-of-use -2 169 -1 974 Machinery and equipment -102 -138 Machinery and equipment, right-of-use -301 -173 Total -2 733 -2 431 Total other depreciation, amortization and 1impairment losses-4 165 -3 636 Total depreciation, amortization and impairment losses -8 226 -7 680 The acquisition related amortization comprises the amortization made on the recognized fair value adjustments arisen from business combinations. 1 Total other depreciation, amortization and impairment losses is total depreciation and amortization less the acquisition related amortization. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__39-1": {
"value": "9. Other operating expenses EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 IT machinery and software expenses -3 546 -2 734 Administrative expenses -3 256 -3 492 Marketing expenses -3 164 -2 990 Personnel related expenses -2 968 -2 323 Travelling expenses -2 108 -1 704 Facility maintenance expenses -614 -438 Transaction expenses related to acquisitions -273 -415 Credit losses 217 80 1Other expenses-1 803 -1 254 Total -17 515 -15 270 1 Other expenses consist of multiple items that are not material separately. 10. Auditor fees EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Statutory audit 191 235 Other advisory services 6 7 Tax advisory services 9 14 Other services 138 58 Total 344 313 Auditor fees include the fees paid to the auditors of each Group company. Other services include mainly the expenses related to the acquisitions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__40": {
"value": "10. Auditor fees EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Statutory audit 191 235 Other advisory services 6 7 Tax advisory services 9 14 Other services 138 58 Total 344 313 Auditor fees include the fees paid to the auditors of each Group company. Other services include mainly the expenses related to the acquisitions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__45": {
"value": "11. Financial income and expenses EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Financial income Revaluation of debt 584 - Interest income from receivables 80 68 Other financial income 99 81 Total 763 149 Financial expenses Interest expenses from borrowings -1 463 -1 265 Interest expenses from lease liabilities -136 -131 Other interest expenses -11 -94 Other financial expenses -31 -123 Total -1 642 -1 614 Total financial income and expenses -879 -1 465 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__44": {
"value": "11. Financial income and expenses EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Financial income Revaluation of debt 584 - Interest income from receivables 80 68 Other financial income 99 81 Total 763 149 Financial expenses Interest expenses from borrowings -1 463 -1 265 Interest expenses from lease liabilities -136 -131 Other interest expenses -11 -94 Other financial expenses -31 -123 Total -1 642 -1 614 Total financial income and expenses -879 -1 465 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__43": {
"value": "11. Financial income and expenses EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Financial income Revaluation of debt 584 - Interest income from receivables 80 68 Other financial income 99 81 Total 763 149 Financial expenses Interest expenses from borrowings -1 463 -1 265 Interest expenses from lease liabilities -136 -131 Other interest expenses -11 -94 Other financial expenses -31 -123 Total -1 642 -1 614 Total financial income and expenses -879 -1 465 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__46": {
"value": "12. Income taxes EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Current income tax expense -2 607 -2 803 Adjustments to taxes for prior periods 62 1 Total current income tax expenses -2 545 -2 802 Change in deferred tax assets 162 -172 Change in deferred tax liabilities 730 708 Deferred tax expense/benefit 892 536 Total income taxes -1 654 -2 266 The reconciliation between income tax expense and tax payable is presented in the table below: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Result for the period before taxes 9 125 10 348 Tax calculated at the Finnish tax rate of 20% -1 825 -2 070 Tax effect of tax free and non-deductible items: Effect of the expenses not deductible for tax 1)purposes-56 -224 Effect of the tax-free income 11 26 Recognition of deferred tax assets for previously unrecognized losses 155 - Adjustments in respect to prior years 62 1 Total income taxes -1 654 -2 266 1) Non-deductible items consist mainly of costs related to acquisitions. Deferred tax assets and liabilities have been measured using the tax rate of 20%. The effective tax rate of the Group was 18(22)%. Accounting policy The tax expense in profit or loss consist the tax based on the taxable income for the financial year and deferred taxes. Taxes are recognized in the profit or loss, except when they are directly related to the items recognized in equity or other comprehensive income, when the tax impact is also recognized as a corresponding item within equity. Taxes based on the taxable income for the financial year is calculated using the applicable income tax rate in each country. The tax expense for the financial year is adjusted by any taxes related to the previous financial years. Significant management judgement and estimates The tax expense recognized in profit or loss consists of the tax based on the taxable profit for the financial year, taxes related to the previous financial years and changes in deferred taxes. The management estimates the utilization of deferred tax assets against any future taxable profit. Management judgement on income taxes is presented in notes 14 and 19. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__47": {
"value": "Accounting policy The tax expense in profit or loss consist the tax based on the taxable income for the financial year and deferred taxes. Taxes are recognized in the profit or loss, except when they are directly related to the items recognized in equity or other comprehensive income, when the tax impact is also recognized as a corresponding item within equity. Taxes based on the taxable income for the financial year is calculated using the applicable income tax rate in each country. The tax expense for the financial year is adjusted by any taxes related to the previous financial years. Significant management judgement and estimates The tax expense recognized in profit or loss consists of the tax based on the taxable profit for the financial year, taxes related to the previous financial years and changes in deferred taxes. The management estimates the utilization of deferred tax assets against any future taxable profit. Management judgement on income taxes is presented in notes 14 and 19.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__49": {
"value": "13. Related party transactions Transactions and balances with related parties: EUR thousand 2022 2021 Communities that hold significant control in community Sales 16 627 10 566 Purchases -103 -257 Trade receivables 2 053 2 016 Trade payables and other liabilities - 10 Related party transactions are made on the same terms and conditions as transactions with independent parties. Related party loans and receivables are presented in notes 20, 25 and 26. Key management remuneration (accrual basis) is presented below: Board of Directors remuneration EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Tapio Pajuharju 50 48 Kati Hagros 25 25 Liisa Harjula 25 25 Timo Laine, until 12 April 2022 6 24 Timo M\u00e4nty 24 24 Paul-Petteri Savolainen 24 24 Jarno Suominen 25 25 Mika Uotila 25 24 Mikko Wiren, from 12 April 2022 20 - Total 224 220 Key management wages and salaries (not including CEO) EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Wages, salaries and benefits 755 782 CEO remuneration EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Wages, salaries and benefits CEO, until 19 December 2022 545 296 CEO, from 19 December 2022 9 - Total 554 296 In 2022 CEO\u2019s remuneration includes termination benefits. Management compensation (Board of Directors, CEO, key managament) EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Short-term employee benefits 1 373 1 324 Post-employment benefits 193 190 Termination benefits 221 - Share-based payments -18 9 Total 1 769 1 523 CEO pension obligations and severance compensation The CEO participates in the statutory Finnish pension scheme (TyEL) under the Employees Pension Act under which the pension is based on the service period and earnings. No specific retirement age has been agreed. The pension expenses recognized was EUR 60 (52) thousand. The CEO\u2019s term of notice is three months in case the CEO decides to resign and nine months if the contract is terminated by the company. The CEO will receive normal compensation during the termination period and is not entitled to a separate compensation. Accounting policy Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decision. Eezy\u2019s related parties include associated companies and key management personnel. Key management personnel include members of the board of directors and the group management team, CEO and substitute CEO, and their close family members. In addition, Eezy\u2019s related parties include owners that use control or exercise significant influence in Eezy Plc and companies in which they have control or companies in which the person that uses control in Eezy Plc exercises significant influence or belongs to the company\u2019s or its parent\u2019s management. The Group structure is presented in note 27. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__51": {
"value": "Accounting policy Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decision. Eezy\u2019s related parties include associated companies and key management personnel. Key management personnel include members of the board of directors and the group management team, CEO and substitute CEO, and their close family members. In addition, Eezy\u2019s related parties include owners that use control or exercise significant influence in Eezy Plc and companies in which they have control or companies in which the person that uses control in Eezy Plc exercises significant influence or belongs to the company\u2019s or its parent\u2019s management. The Group structure is presented in note 27.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__53-1": {
"value": "14. Business combinations Acquisitions 2022 Acquisition of Eezy Farenta, Eezy Siqni and Eezy Leidenschaft In line with its strategy, Eezy strengthened its professional staffing services by purchasing the share capital of Farenta Ltd (current Eezy Farenta Ltd) from Oriola Plc on 1 April 2022. Farenta supports around 350 pharmacies yearly with over 300 employees and it is the largest pharmacy staffing service operator in Finland. In line with its strategy, Eezy strengthened its research and coaching services by acquiring research and business culture companies The Siqnificant Company Ltd (current Eezy Siqni Ltd) and Leidenschaft Ltd (current Eezy Leidenschaft Ltd) on 1 April 2022. The companies will become part of Eezy Flow Ltd, which belongs to the Eezy Group and offers management, strategy, research and change management services. Leidenschaft is Finland\u2019s first business culture agency, whose mission is to develop business culture into a real competitive advantage. The Siqnificant Company\u2019s product, Siqni, is the world\u2019s first tool for gaining employee understanding and measuring employee experience. Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft Purchase considerations Cash consideration 881 5 009 Shares issued - 599 Total purchase consideration 881 5 608 Shares of Eezy Flow issued in exchange for Eezy Siqni and Eezy Leidenschaft The fair value of Eezy Flow shares issued in exchange for Eezy Siqni and Eezy Leidenschaft is EUR 599 thousand. Fair values of the acquired assets and liabilities assumed in the business combinations at the acquisition date: Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft ASSETS Non-current assets Intangible assets 1 048 1 597 Property, plant and equipment 85 34 Receivables - 67 Total non-current assets 1 133 1 698 Current assets Trade receivables and other receivables 823 793 Cash and cash equivalents 71 44 Total current assets 894 837 TOTAL ASSETS 2 028 2 535 LIABILITIES Non-current liabilities Loans from financial institutions - 229 Lease liabilities 23 - Deferred tax liability 165 250 Total non-current liabilities 188 479 Current liabilities Loans from financial institutions - 147 Lease liabilities 39 46 Trade payables and other liabilities 3 896 753 Current income tax liabilities - 126 Total current liabilities 3 935 1 072 TOTAL LIABILITIES 4 122 1 551 Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft Total net assets acquired -2 095 984 Goodwill 2 976 4 625 Purchase consideration 881 5 608 Fair values of the acquired identified intangible assets at the acquisition date Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft Customer relationships 486 328 Trademarks 336 168 Non-competition agreements - 754 Total 823 1 250 Eezy Farenta The gross amount of trade receivables at the date of the acquisition was EUR 815 thousand and it was estimated to be fully collectable. Goodwill arising from the acquisition of Eezy Farenta amounted to EUR 2 976 thousand which comprises mainly workforce, synergies and market position. The goodwill recognized in connection with the acquisition is not tax deductible. The transaction costs of the acquisition amounted to EUR 61 thousand and are recorded in other operating expenses for the period 2022. Eezy Siqni and Eezy Leidenschaft The gross amount of trade receivables at the date of the acquisition was EUR 507 thousand and it was estimated to be fully collectable. Goodwill arising from the acquisition of Eezy Siqni and Eezy Leidenschaft amounted to EUR 4 625 thousand which comprises mainly workforce, synergies and market position. The goodwill recognized in connection with the acquisition is not tax deductible. The transaction costs of the acquisition amounted to EUR 203 thousand and are recorded in other operating expenses for the period 2022. Impact on earnings Revenue and profit (loss) for the period of the acquired companies from the date of acquisition included in the consolidated financial statements for the financial year 2022: Eezy Siqni and Eezy Farenta Eezy Leidenschaft EUR thousand 1 Apr \u2013 31 Dec 2022 1 Apr \u2013 31 Dec 2022 Impact on the Group Revenue and Result Revenue 5 308 2 586 Result for the period -194 407 If the acquisitions had taken place on 1 January 2022, the pro forma consolidated revenue for the financial year from 1 January 2022 to 31 December 2022 would have been EUR 250 166 thousand and pro forma consolidated operating profit would have been EUR 9 914 thousand. The pro forma figures are based on the consolidated revenue and operating profit for the financial year 2022 as well as on the revenue and operating profit of the acquired companies from the beginning of 2022 until the date of the acquisitions. Figures have been adjusted related to the amortizations of intangible assets related to acquisitions, as if acquisitions had been done on 1 January 2022 and additional amortizations recorded since then. Cash flows from purchase considerations Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft Cash consideration 881 5 009 Deducted: Cash and cash equivalents acquired -71 -44 Net cash flow 810 4 965 Other acquisitions In June, Eezy increased its ownership in Eezy Valmennuskeskus Ltd by 10 per cent and recorded the paid purchase price EUR 0.3 million against the contingent consideration recorded in 2021. As of a result of this and the revaluation of the remaining contingent debt, the company has recorded EUR 0.6 million to financial income. Eezy Plc owns 90 per cent of the company. Eezy Valmennuskeskus Ltd has been consolidated by 100 per cent to Eezy Group (IFRS) since initial acquisition date. Eezy made an investment of approx. EUR 0.2 million in minority shareholding of VeggArt\u2019s Oy which specializes in employment services for immigrants. Acquisitions 2021 Acquisition of Eezy Valmennuskeskus, Eezy Triton and ValueScout Eezy strengthened its offering to the public sector by acquiring KK Valmennuskeskus Oy (current Eezy Valmennuskeskus Oy) on 1 November 2021. On 1 October 2021 Eezy strengthened its recruitment of labour from outside Finland through its purchase of Triton Henkil\u00f6st\u00f6palvelut Oy (current Eezy Triton Oy), which is a company that recruits labour from several eastern European countries. Eezy strengthened its research business by acquiring ValueScout research method business on 1 June 2021. ValueScout is a research method which examines emotional experience and finds hidden growth potential in customer, brand and personnel experience. Eezy EUR thousand Valmennuskeskus Eezy Triton ValueScout Purchase considerations Cash consideration 3 781 894 100 Shares issued 999 306 - Contingent consideration 1 868 - - Total purchase consideration 6 647 1 200 100 Shares issued in exchange for Eezy Valmennuskeskus and Eezy Triton The fair value of Eezy shares issued in exchange for Eezy Valmennuskeskus is EUR 999 thousand based on the number of 152 thousand shares and subscription price of EUR 6.5867(volume weighted average price in 22\u201328 October 2021). The fair value of Eezy shares issued in exchange for Eezy Triton is EUR 306 thousand based on the number of 46 thousand shares and subscription price of EUR 6.6750 (volume weighted average price in 27\u201329 September 2021). Contingent considerations of acquiring Eezy Valmennuskeskus and Value Scout Eezy acquired a 80% majority of the shares of Eezy Valmennuskeskus on 1 November 2021. According to the terms of the acquisition, both Eezy and the non-controlling interests of Eezy Valmennuskeskus have the right to execute trade over remaining 20% of the shares of Eezy Valmennuskeskus in 2024. The purchase price of the shares that Eezy may acquire later is based on the profitability of Eezy Valmennuskeskus in 2022\u20132023. Because of the sell and purchase options in the agreement, Eezy Valmennuskeskus has been consolidated by 100-percent to Eezy Group since 1 November 2021, and contingent consideration measured at fair value of EUR 1 868 thousand has been recorded for the purchase price of the non-controlling interest. There is an additional contingent consideration included in the acquisition agreement of ValueScout, which is determined based on the sales margin for the period of 1 June 2021 \u2013 30 May 2026. According to the company\u2019s management estimate, EUR 79 thousand represents the fair value of the additional purchase consideration at the time of acquisition. Based on the terms of the agreement, the seller does not have the right to access the contingent consideration if the key management person is not employed at the period of the contingent consideration. Therefore, the purchase consideration of EUR 79 thousand will be accounted for as personnel expense for the work performed after the acquisition during 2021\u20132026. Fair values of the acquired assets and liabilities assumed in the business combination at the acquisition date: Eezy EUR thousand Valmennuskeskus Eezy Triton ValueScout ASSETS Non-current assets Intangible assets 2 127 165 34 Property, plant and equipment 24 - - Receivables 256 - - Total non-current assets 2 407 165 34 Current assets Trade receivables and other receivables 1 709 441 - Current income tax receivables 14 - - Cash and cash equivalents 3 122 - Total current assets 1 726 563 - TOTAL ASSETS 4 133 728 34 LIABILITIES Non-current liabilities Loans from financial institutions 557 - - Deferred tax liability 354 33 7 Total non-current liabilities 911 33 7 Current liabilities Loans from financial institutions 239 - - Trade payables and other liabilities 1 098 505 - Current income tax liabilities 265 6 - Total current liabilities 1 602 510 - TOTAL LIABILITIES 2 531 543 7 Total net assets acquired 1 620 185 27 Goodwill 5 027 1 016 73 Purchase consideration 6 647 1 200 100 Fair values of the acquired identified intangible assets at the acquisition date Eezy EUR thousand Valmennuskeskus Eezy Triton ValueScout Customer relationships 934 - - Trademarks 506 - 21 Non-competition agreements 329 165 13 Total 1 769 165 34 Eezy Valmennuskeskus The gross amount of trade receivables at the date of the acquisition was EUR 929 thousand and it was estimated to be fully collectable. Goodwill arising from the acquisition of Eezy Valmennuskeskus amounted to EUR 5 027 thousand which comprises mainly workforce, synergies and market position. The goodwill recognized in connection with the acquisition is not tax deductible. The transaction costs of the acquisition amounted to EUR 163 thousand and are recorded in other operating expenses for the period 2021. Eezy Triton The gross amount of trade receivables at the date of the acquisition was EUR 341 thousand and it was estimated to be fully collectable. Goodwill arising from the acquisition of Eezy Triton amounted to EUR 1 016 thousand which comprises mainly workforce, synergies and network of subcontractors. The goodwill recognized in connection with the acquisition is not tax deductible.The transaction costs of the acquisition amounted to EUR 113 thousand and are recorded in other operating expenses for the period 2021. ValueScout Goodwill arising from the acquisition of ValueScout amounted to EUR 73 thousand which comprises mainly research method and know-how related to it. There were no transaction costs related to the acquisition. Impact on earnings Revenue and profit (loss) for the period of the acquired companies from the date of acquisition included in the consolidated financial statements for the financial year 2021: Eezy Valmennuskeskus Eezy Triton EUR thousand 1 Nov \u2013 31 Dec 2021 1 Oct \u2013 31 Dec 2021 Impact on the Group Revenue and Result Revenue 1 581 705 Result for the period 142 46 If the acquisitions had taken place on 1 January 2021, the pro forma consolidated revenue for the financial year from 1 January 2022 to 31 December 2021 would have been EUR 214 272 thousand and pro forma consolidated operating profit would have been EUR 12 480 thousand. The pro forma figures are based on the consolidated revenue and operating profit for the financial year 2021 as well as on the revenue and operating profit of the acquired companies from the beginning of 2021 until the date of the acquisitions. Figures have been adjusted related to the amortizations of intangible assets related to acquisitions, as if acquisitions had been done on 1 January 2021 and additional amortizations recorded since then. Cash flows from purchase considerations Eezy EUR thousand Valmennuskeskus Eezy Triton ValueScout Cash consideration 3 781 894 100 Deducted: Cash and cash equivalents acquired -3 -122 - Net cash flow 3 778 772 100 Divestments in financial year 2022 During financial year 2022 there were no disposal of subsidiaries. Divestments in financial year 2021 Eezy sold its Swedish subsidiary VMP-Group Sweden AB to Palm & Partners Bemanning AB on 4 January 2021. The transaction did not significantly impact Eezy's result in 2021. Accounting policy The acquisitions are accounted for using the acquisition method. The cost of the acquisition is measured at the fair value of consideration transferred comprising of the fair values of the assets transferred, liabilities incurred to the former owners of the acquired business, equity interests issued as purchase consideration, and the fair value of any contingent consideration arrangement. The excess of the aggregate of the consideration transferred over the fair value of the net identifiable assets acquired is goodwill. On the acquisition of a subsidiary, fair values are attributed to the identifiable net assets including identifiable intangible assets and contingent liabilities acquired. Significant management judgement and estimates The net assets acquired is measured at fair value. The fair value of the net assets acquired is based on market value or estimated expected cash flows (customer relationships, trademarks and non-competition agreements) or the estimated market value of similar assets. Eezy\u2019s management has used judgement and made assumptions in the customer relationship and trademark fair value determination, which is based on the management assumptions and estimates of the expected long-term revenue and profitability development, length of the customer relationships and discount rate. In addition to the assumptions mentioned, management has made assumptions on the possible impact of competition to Eezy\u2019s business when valuing non-competition agreements. If the estimates and assumptions of the development of the business turns out to be too optimistic, an impairment may be required to be recognized on the assets. The management believes that the estimates and assumptions used are appropriate when determining fair values. The trademarks, customer relationships and non-competition agreements recognized as a result of acquisitions are presented in note 15. The fair value of the contingent consideration included in the acquisition purchase consideration is determined based on the present value of the expected cash flows. The final purchase consideration may differ from the amount estimated by management and these changes in fair value are recognized in the statement of comprehensive income. The carrying values of the contingent considerations recognized at the balance sheet date are presented in note 25. 27. Group structure Subsidiaries belonging to the Group as at 31 December 2022 are presented in the table below: Group ownership Subsidiary Domicile portion, % Eezy VMP Oy Helsinki 100% Bework Oy Helsinki 100% Castanea Oy Helsinki 100% Conrator Oy Helsinki 100% Eezy Sonire Oy Helsinki 100% Staffservice Finland Oy Helsinki 100% Workcontrol Oy Helsinki 100% Eezy Kevytyritt\u00e4j\u00e4t Osk Helsinki 100% Eezy Personnel Oy Tampere 100% Extremely Nice Job Oy Helsinki 100% Enjoy Etel\u00e4 Oy Helsinki 100% Enjoy Pohjoinen Oy Helsinki 100% Enjoy It\u00e4 Oy Helsinki 100% Enjoy L\u00e4nsi Oy Helsinki 100% Henkil\u00f6st\u00f6ratkaisu Extraajat Oy Helsinki 100% Eezy Kauppa Etel\u00e4-Suomi Oy Helsinki 100% Eezy Kauppa Helsinki Oy Helsinki 100% Eezy Kauppa Suomi Oy Helsinki 100% Eezy Kauppa Pirkanmaa Oy Helsinki 100% Eezy Kauppa Uusimaa Oy Helsinki 100% Eezy Kauppa L\u00e4nsi Oy Helsinki 100% Eezy Flow Oy Turku 70.10% Eezy Siqni Oy Helsinki 100% Eezy Leidenschaft Oy Helsinki 100% Eezy Henkil\u00f6st\u00f6palvelut Oy Tampere 100% Happy Henkil\u00f6st\u00f6palvelut Oy Tampere 100% Smile Job Services Oy Tampere 100% Resta Henkil\u00f6st\u00f6palvelut Oy Tampere 100% Doctors by Eezy Oy Tampere 80.75% Smile Office Oy Tampere 100% Eezy Events Oy Tampere 100% Smile Huippu Oy Kuopio 100% Smile MMS Oy Kuortane 100% Smile Industries Oy Kuortane 100% Smile Industries Tampere Oy Tampere 100% Smile Pohjanmaa Oy Kuortane 100% Smile Palvelut Helsinki Oy Tampere 100% Smile Palvelut Pohjoinen Oy Tampere 100% Smile Services Oy Tampere 100% Smile Super Oy Tampere 100% Smile Tampere Oy Tampere 100% Smile Banssi Oy Tampere 100% Smile Banssi Etel\u00e4 Oy Espoo 100% Smile Banssi Keski Oy Jyv\u00e4skyl\u00e4 100% Smile Palvelut Royal Oy Tampere 100% Eezy Teollinen Etel\u00e4 Oy Helsinki 100% Smile Sein\u00e4joki Oy Tampere 100% Smile Jobio Pohjanmaa Oy Tampere 100% Smile Jobio Pirkanmaa Oy Tampere 100% Smile Jobio Varsinais-Suomi Tampere 100% Eezy Import Oy Tampere 80.00% Eezy Teollinen Pohjoinen Oy Tampere 100% Smile Kymppi-Service L\u00e4nsi-Suomi Oy Tampere 100% Eezy United Oy Helsinki 70.00% Eezy United Tampere Oy Helsinki 63.00% Eezy United Jyv\u00e4skyl\u00e4 Oy Jyv\u00e4skyl\u00e4 63.00% Eezy Shine Oy Helsinki 67.00% Eezy Valmennuskeskus Oy Helsinki 90.00% Eezy Farenta Oy Helsinki 100% These consolidated financial statements consist of Eezy Plc, the parent company of the Group, and all subsidiaries over which the parent company has control. Acquisitions that have impacted the Group structure are presented in note 14. Accounting policy Subsidiaries are entities over which the Group has control. The group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to eliminate share ownership between the Group companies. The acquisition cost exceeding the fair value of the net identifiable assets acquired is recorded as goodwill. If the acquisition cost is less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly as income in the result of the period. The acquisition related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date, and classified as a financial liability or equity. The contingent consideration classified as a financial liability is remeasured to fair value at each balance sheet date and changes in fair value are recognized in the result for the period. The contingent consideration classified as equity is not remeasured. Any non-controlling interests in the acquired entity is measured at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The valuation policy is determined on an acquisition-by-acquisition basis. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies applied by the Group. The profit (loss) for the period and total comprehensive income for the period attributable to the owners of the parent company and non-controlling interests are presented in the consolidated statement of comprehensive income. Total comprehensive income for the period is allocated to non-controlling interests although this would result in a negative non-controlling interest. Non-controlling interests in the equity is presented as a separate line item in the balance sheet as part of equity. Changes in the ownership of the subsidiaries that do not result in a loss of control are treated as transactions with equity owners of the Group. In a business combination achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date and any gains or losses arising is recognized in the result for the period. When the Group loses the control in a subsidiary, any retained interest in the entity is remeasured to its fair value at the date when the control ceases and the difference arising from the measurement is recognized in profit or loss. ",
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"s10_notes__6__52": {
"value": "14. Business combinations Acquisitions 2022 Acquisition of Eezy Farenta, Eezy Siqni and Eezy Leidenschaft In line with its strategy, Eezy strengthened its professional staffing services by purchasing the share capital of Farenta Ltd (current Eezy Farenta Ltd) from Oriola Plc on 1 April 2022. Farenta supports around 350 pharmacies yearly with over 300 employees and it is the largest pharmacy staffing service operator in Finland. In line with its strategy, Eezy strengthened its research and coaching services by acquiring research and business culture companies The Siqnificant Company Ltd (current Eezy Siqni Ltd) and Leidenschaft Ltd (current Eezy Leidenschaft Ltd) on 1 April 2022. The companies will become part of Eezy Flow Ltd, which belongs to the Eezy Group and offers management, strategy, research and change management services. Leidenschaft is Finland\u2019s first business culture agency, whose mission is to develop business culture into a real competitive advantage. The Siqnificant Company\u2019s product, Siqni, is the world\u2019s first tool for gaining employee understanding and measuring employee experience. Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft Purchase considerations Cash consideration 881 5 009 Shares issued - 599 Total purchase consideration 881 5 608 Shares of Eezy Flow issued in exchange for Eezy Siqni and Eezy Leidenschaft The fair value of Eezy Flow shares issued in exchange for Eezy Siqni and Eezy Leidenschaft is EUR 599 thousand. Fair values of the acquired assets and liabilities assumed in the business combinations at the acquisition date: Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft ASSETS Non-current assets Intangible assets 1 048 1 597 Property, plant and equipment 85 34 Receivables - 67 Total non-current assets 1 133 1 698 Current assets Trade receivables and other receivables 823 793 Cash and cash equivalents 71 44 Total current assets 894 837 TOTAL ASSETS 2 028 2 535 LIABILITIES Non-current liabilities Loans from financial institutions - 229 Lease liabilities 23 - Deferred tax liability 165 250 Total non-current liabilities 188 479 Current liabilities Loans from financial institutions - 147 Lease liabilities 39 46 Trade payables and other liabilities 3 896 753 Current income tax liabilities - 126 Total current liabilities 3 935 1 072 TOTAL LIABILITIES 4 122 1 551 Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft Total net assets acquired -2 095 984 Goodwill 2 976 4 625 Purchase consideration 881 5 608 Fair values of the acquired identified intangible assets at the acquisition date Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft Customer relationships 486 328 Trademarks 336 168 Non-competition agreements - 754 Total 823 1 250 Eezy Farenta The gross amount of trade receivables at the date of the acquisition was EUR 815 thousand and it was estimated to be fully collectable. Goodwill arising from the acquisition of Eezy Farenta amounted to EUR 2 976 thousand which comprises mainly workforce, synergies and market position. The goodwill recognized in connection with the acquisition is not tax deductible. The transaction costs of the acquisition amounted to EUR 61 thousand and are recorded in other operating expenses for the period 2022. Eezy Siqni and Eezy Leidenschaft The gross amount of trade receivables at the date of the acquisition was EUR 507 thousand and it was estimated to be fully collectable. Goodwill arising from the acquisition of Eezy Siqni and Eezy Leidenschaft amounted to EUR 4 625 thousand which comprises mainly workforce, synergies and market position. The goodwill recognized in connection with the acquisition is not tax deductible. The transaction costs of the acquisition amounted to EUR 203 thousand and are recorded in other operating expenses for the period 2022. Impact on earnings Revenue and profit (loss) for the period of the acquired companies from the date of acquisition included in the consolidated financial statements for the financial year 2022: Eezy Siqni and Eezy Farenta Eezy Leidenschaft EUR thousand 1 Apr \u2013 31 Dec 2022 1 Apr \u2013 31 Dec 2022 Impact on the Group Revenue and Result Revenue 5 308 2 586 Result for the period -194 407 If the acquisitions had taken place on 1 January 2022, the pro forma consolidated revenue for the financial year from 1 January 2022 to 31 December 2022 would have been EUR 250 166 thousand and pro forma consolidated operating profit would have been EUR 9 914 thousand. The pro forma figures are based on the consolidated revenue and operating profit for the financial year 2022 as well as on the revenue and operating profit of the acquired companies from the beginning of 2022 until the date of the acquisitions. Figures have been adjusted related to the amortizations of intangible assets related to acquisitions, as if acquisitions had been done on 1 January 2022 and additional amortizations recorded since then. Cash flows from purchase considerations Eezy Siqni and EUR thousand Eezy Farenta Eezy Leidenschaft Cash consideration 881 5 009 Deducted: Cash and cash equivalents acquired -71 -44 Net cash flow 810 4 965 Other acquisitions In June, Eezy increased its ownership in Eezy Valmennuskeskus Ltd by 10 per cent and recorded the paid purchase price EUR 0.3 million against the contingent consideration recorded in 2021. As of a result of this and the revaluation of the remaining contingent debt, the company has recorded EUR 0.6 million to financial income. Eezy Plc owns 90 per cent of the company. Eezy Valmennuskeskus Ltd has been consolidated by 100 per cent to Eezy Group (IFRS) since initial acquisition date. Eezy made an investment of approx. EUR 0.2 million in minority shareholding of VeggArt\u2019s Oy which specializes in employment services for immigrants. Acquisitions 2021 Acquisition of Eezy Valmennuskeskus, Eezy Triton and ValueScout Eezy strengthened its offering to the public sector by acquiring KK Valmennuskeskus Oy (current Eezy Valmennuskeskus Oy) on 1 November 2021. On 1 October 2021 Eezy strengthened its recruitment of labour from outside Finland through its purchase of Triton Henkil\u00f6st\u00f6palvelut Oy (current Eezy Triton Oy), which is a company that recruits labour from several eastern European countries. Eezy strengthened its research business by acquiring ValueScout research method business on 1 June 2021. ValueScout is a research method which examines emotional experience and finds hidden growth potential in customer, brand and personnel experience. Eezy EUR thousand Valmennuskeskus Eezy Triton ValueScout Purchase considerations Cash consideration 3 781 894 100 Shares issued 999 306 - Contingent consideration 1 868 - - Total purchase consideration 6 647 1 200 100 Shares issued in exchange for Eezy Valmennuskeskus and Eezy Triton The fair value of Eezy shares issued in exchange for Eezy Valmennuskeskus is EUR 999 thousand based on the number of 152 thousand shares and subscription price of EUR 6.5867(volume weighted average price in 22\u201328 October 2021). The fair value of Eezy shares issued in exchange for Eezy Triton is EUR 306 thousand based on the number of 46 thousand shares and subscription price of EUR 6.6750 (volume weighted average price in 27\u201329 September 2021). Contingent considerations of acquiring Eezy Valmennuskeskus and Value Scout Eezy acquired a 80% majority of the shares of Eezy Valmennuskeskus on 1 November 2021. According to the terms of the acquisition, both Eezy and the non-controlling interests of Eezy Valmennuskeskus have the right to execute trade over remaining 20% of the shares of Eezy Valmennuskeskus in 2024. The purchase price of the shares that Eezy may acquire later is based on the profitability of Eezy Valmennuskeskus in 2022\u20132023. Because of the sell and purchase options in the agreement, Eezy Valmennuskeskus has been consolidated by 100-percent to Eezy Group since 1 November 2021, and contingent consideration measured at fair value of EUR 1 868 thousand has been recorded for the purchase price of the non-controlling interest. There is an additional contingent consideration included in the acquisition agreement of ValueScout, which is determined based on the sales margin for the period of 1 June 2021 \u2013 30 May 2026. According to the company\u2019s management estimate, EUR 79 thousand represents the fair value of the additional purchase consideration at the time of acquisition. Based on the terms of the agreement, the seller does not have the right to access the contingent consideration if the key management person is not employed at the period of the contingent consideration. Therefore, the purchase consideration of EUR 79 thousand will be accounted for as personnel expense for the work performed after the acquisition during 2021\u20132026. Fair values of the acquired assets and liabilities assumed in the business combination at the acquisition date: Eezy EUR thousand Valmennuskeskus Eezy Triton ValueScout ASSETS Non-current assets Intangible assets 2 127 165 34 Property, plant and equipment 24 - - Receivables 256 - - Total non-current assets 2 407 165 34 Current assets Trade receivables and other receivables 1 709 441 - Current income tax receivables 14 - - Cash and cash equivalents 3 122 - Total current assets 1 726 563 - TOTAL ASSETS 4 133 728 34 LIABILITIES Non-current liabilities Loans from financial institutions 557 - - Deferred tax liability 354 33 7 Total non-current liabilities 911 33 7 Current liabilities Loans from financial institutions 239 - - Trade payables and other liabilities 1 098 505 - Current income tax liabilities 265 6 - Total current liabilities 1 602 510 - TOTAL LIABILITIES 2 531 543 7 Total net assets acquired 1 620 185 27 Goodwill 5 027 1 016 73 Purchase consideration 6 647 1 200 100 Fair values of the acquired identified intangible assets at the acquisition date Eezy EUR thousand Valmennuskeskus Eezy Triton ValueScout Customer relationships 934 - - Trademarks 506 - 21 Non-competition agreements 329 165 13 Total 1 769 165 34 Eezy Valmennuskeskus The gross amount of trade receivables at the date of the acquisition was EUR 929 thousand and it was estimated to be fully collectable. Goodwill arising from the acquisition of Eezy Valmennuskeskus amounted to EUR 5 027 thousand which comprises mainly workforce, synergies and market position. The goodwill recognized in connection with the acquisition is not tax deductible. The transaction costs of the acquisition amounted to EUR 163 thousand and are recorded in other operating expenses for the period 2021. Eezy Triton The gross amount of trade receivables at the date of the acquisition was EUR 341 thousand and it was estimated to be fully collectable. Goodwill arising from the acquisition of Eezy Triton amounted to EUR 1 016 thousand which comprises mainly workforce, synergies and network of subcontractors. The goodwill recognized in connection with the acquisition is not tax deductible.The transaction costs of the acquisition amounted to EUR 113 thousand and are recorded in other operating expenses for the period 2021. ValueScout Goodwill arising from the acquisition of ValueScout amounted to EUR 73 thousand which comprises mainly research method and know-how related to it. There were no transaction costs related to the acquisition. Impact on earnings Revenue and profit (loss) for the period of the acquired companies from the date of acquisition included in the consolidated financial statements for the financial year 2021: Eezy Valmennuskeskus Eezy Triton EUR thousand 1 Nov \u2013 31 Dec 2021 1 Oct \u2013 31 Dec 2021 Impact on the Group Revenue and Result Revenue 1 581 705 Result for the period 142 46 If the acquisitions had taken place on 1 January 2021, the pro forma consolidated revenue for the financial year from 1 January 2022 to 31 December 2021 would have been EUR 214 272 thousand and pro forma consolidated operating profit would have been EUR 12 480 thousand. The pro forma figures are based on the consolidated revenue and operating profit for the financial year 2021 as well as on the revenue and operating profit of the acquired companies from the beginning of 2021 until the date of the acquisitions. Figures have been adjusted related to the amortizations of intangible assets related to acquisitions, as if acquisitions had been done on 1 January 2021 and additional amortizations recorded since then. Cash flows from purchase considerations Eezy EUR thousand Valmennuskeskus Eezy Triton ValueScout Cash consideration 3 781 894 100 Deducted: Cash and cash equivalents acquired -3 -122 - Net cash flow 3 778 772 100 Divestments in financial year 2022 During financial year 2022 there were no disposal of subsidiaries. Divestments in financial year 2021 Eezy sold its Swedish subsidiary VMP-Group Sweden AB to Palm & Partners Bemanning AB on 4 January 2021. The transaction did not significantly impact Eezy's result in 2021. Accounting policy The acquisitions are accounted for using the acquisition method. The cost of the acquisition is measured at the fair value of consideration transferred comprising of the fair values of the assets transferred, liabilities incurred to the former owners of the acquired business, equity interests issued as purchase consideration, and the fair value of any contingent consideration arrangement. The excess of the aggregate of the consideration transferred over the fair value of the net identifiable assets acquired is goodwill. On the acquisition of a subsidiary, fair values are attributed to the identifiable net assets including identifiable intangible assets and contingent liabilities acquired. Significant management judgement and estimates The net assets acquired is measured at fair value. The fair value of the net assets acquired is based on market value or estimated expected cash flows (customer relationships, trademarks and non-competition agreements) or the estimated market value of similar assets. Eezy\u2019s management has used judgement and made assumptions in the customer relationship and trademark fair value determination, which is based on the management assumptions and estimates of the expected long-term revenue and profitability development, length of the customer relationships and discount rate. In addition to the assumptions mentioned, management has made assumptions on the possible impact of competition to Eezy\u2019s business when valuing non-competition agreements. If the estimates and assumptions of the development of the business turns out to be too optimistic, an impairment may be required to be recognized on the assets. The management believes that the estimates and assumptions used are appropriate when determining fair values. The trademarks, customer relationships and non-competition agreements recognized as a result of acquisitions are presented in note 15. The fair value of the contingent consideration included in the acquisition purchase consideration is determined based on the present value of the expected cash flows. The final purchase consideration may differ from the amount estimated by management and these changes in fair value are recognized in the statement of comprehensive income. The carrying values of the contingent considerations recognized at the balance sheet date are presented in note 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s10_notes__6__54": {
"value": "Accounting policy The acquisitions are accounted for using the acquisition method. The cost of the acquisition is measured at the fair value of consideration transferred comprising of the fair values of the assets transferred, liabilities incurred to the former owners of the acquired business, equity interests issued as purchase consideration, and the fair value of any contingent consideration arrangement. The excess of the aggregate of the consideration transferred over the fair value of the net identifiable assets acquired is goodwill. On the acquisition of a subsidiary, fair values are attributed to the identifiable net assets including identifiable intangible assets and contingent liabilities acquired. Significant management judgement and estimates The net assets acquired is measured at fair value. The fair value of the net assets acquired is based on market value or estimated expected cash flows (customer relationships, trademarks and non-competition agreements) or the estimated market value of similar assets. Eezy\u2019s management has used judgement and made assumptions in the customer relationship and trademark fair value determination, which is based on the management assumptions and estimates of the expected long-term revenue and profitability development, length of the customer relationships and discount rate. In addition to the assumptions mentioned, management has made assumptions on the possible impact of competition to Eezy\u2019s business when valuing non-competition agreements. If the estimates and assumptions of the development of the business turns out to be too optimistic, an impairment may be required to be recognized on the assets. The management believes that the estimates and assumptions used are appropriate when determining fair values. The trademarks, customer relationships and non-competition agreements recognized as a result of acquisitions are presented in note 15. The fair value of the contingent consideration included in the acquisition purchase consideration is determined based on the present value of the expected cash flows. The final purchase consideration may differ from the amount estimated by management and these changes in fair value are recognized in the statement of comprehensive income. The carrying values of the contingent considerations recognized at the balance sheet date are presented in note 25.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__58": {
"value": "15. Intangible assets Customer Non-relation-competition Develop-Intangible EUR thousand Goodwill Trademarks IT Software ships agreements ment costs assets total Cost at 1 Jan 2022 134 054 3 184 9 458 27 804 3 674 515 44 636 Acquisitions 7 600 505 573 814 754 - 2 646 Additions - 4 2 433 - - 406 2 843 Disposals - - -430 - -2 806 - -3 236 Transfers between classes - - 37 - - -37 0 Cost at 31 Dec 2022 141 654 3 692 12 072 28 618 1 622 885 46 889 Accumulated amortization and impairment at 1 Jan 2022 - -693 -6 691 -6 507 -2 415 -14 -16 320 Disposals - - 403 - 2 806 - 3 210 Amortization - -354 -1 307 -2 926 -797 -109 -5 493 Accumulated amortization and impairment at 31 Dec 2022 - -1 047 -7 594 -9 433 -406 -123 -18 603 Net carrying value at 1 Jan 2022 134 054 2 491 2 767 21 297 1 259 501 28 314 Net carrying value at 31 Dec 2022 141 654 2 646 4 477 19 185 1 216 761 28 284 Customer Non-relation-competition Develop-Intangible EUR thousand Goodwill Trademarks IT Software ships agreements ment costs assets total Cost at 1 Jan 2021 127 938 2 623 8 144 26 870 3 315 - 40 953 Acquisitions 6 116 527 16 934 508 342 2 327 Additions - 34 1 298 - - 174 1 506 Disposals - - - - -150 - -150 Cost at 31 Dec 2021 134 054 3 184 9 458 27 804 3 674 515 44 636 Accumulated amortization and impairment at 1 Jan 2021 - -420 -5 526 -3 780 -1 496 - -11 222 Disposals - - - - 150 - 150 Amortization -273 -1 008 -2 727 -1 068 -14 -5 090 Impairments - - -157 - - - -157 Accumulated amortization and impairment at 31 Dec 2021 - -693 -6 691 -6 507 -2 415 -14 -16 320 Net carrying value at 1 Jan 2021 127 938 2 203 2 619 23 090 1 819 - 29 731 Net carrying value at 31 Dec 2021 134 054 2 491 2 767 21 297 1 259 501 28 314 Goodwill impairment testing Goodwill is tested for impairment annually to identify any impairment. In addition, the Group monitors any internal and external indicators to identify any signs for impairment. If signs are detected, the carrying value of goodwill is compared to recoverable amount. In the goodwill impairment testing, the carrying value of the group of cash generating units (CGU) is compared to the recoverable amount of the CGU. Eezy has one CGU which is the segment defined by the company and is the level used to monitor the goodwill. If the recoverable amount of the CGU is lower than the carrying value, the difference is recognized as an impairment loss in the statement of comprehensive income. Impairment tests have indicated that the recoverable amount of the CGU exceeds the carrying value and goodwill has not been impaired. Impairment testing and the key assumptions The recoverable amount of the CGU is determined using a value-in-use method. Value-in-use is calculated by discounting the future cash flows. The calculation of the recoverable amount is impacted primarily by changes in the forecasted EBITDA, discount rate used and the estimated revenue growth. The business growth and EBITDA are based on management\u2019s assessment of the future market demand and environment. The key assumptions used in the value-in-use calculations: 31 Dec 2022 31 Dec 2021 The average cumulative increase in revenue, forecast period 6.1% 10.4% Terminal growth assumption 2.0% 1.0% Average EBITDA, forecast period 10.3% 10.3% Forecasted EBITDA, terminal value 9.5% 9.5% Pre-tax discount rate 11.3% 10.9% Impairment testing calculations are based on the cash flow forecasts and the budget prepared by the Group\u2019s management team and approved by the Board of Directors, including the forecast and terminal periods. A five-year forecast period is used in the impairment testing calculations. The (after-tax) discount rate used is based on the weighted average cost of capital (WACC). The management has determined the following assumptions used in the calculations: Assumption Description Revenue growth Revenue growth is based on the review period forecast. The impact of the acquisitions completed in the financial year on the Group\u2019s revenue has been considered in the growth forecast. EBITDA EBITDA is based on the budgeted, forecasted profitability development in the review period as well as expected long-term profitability. Terminal growth assumption The growth assumption for the terminal period has been determined as 2% which represents the long-term inflation projections Discount rate The discount rate is determined based on peer company analysis. The forecasted cash flows are based on the existing business of the cash generating unit at the time of testing. Expansion investments have not been taken into account in the cash flow forecast estimates. The Group\u2019s cash generating unit provides mainly staffing services. The management judgement and estimates regarding future have a central role in preparing the impairment testing calculations. The discounted cash flow method used in preparing the calculations requires forecasts and assumptions of which the most significant relate to revenue growth, the development of costs, the level of maintenance investments and changes in the discount rate. The main uncertainty factors in calculations are the general poor economic development and high inflation in Finland due to e.g indirect effects of Russia offensive war in Ukraine, the effect of possible sick leaves and the availability of labor in competition in the personnel service and recruitment market. The growth assumption for the terminal period has been determined as 2% which represents the long-term inflation projections. It is possible that the predictions related to the cash flow forecasts are not achieved. As a result, the impairment of goodwill or other assets may have a significantly negative effect on the result and the financial position in the future periods. The result of impairment testing is assessed by comparing recoverable amount of CGU to carrying value of CGU as follows: Recoverable amount / Carrying value Test result less than 1.0 Impairment 1.0-1.2 Exceeds slightly 1.2-1.5 Exceeds clearly more than 1.5 Exceeds remarkably In 2022 and 2021, impairment testing has been performed quarterly. Test result of impairment testing exceeds remarkably; therefore no impairment losses have been recognized in any financial periods presented. The management has prepared a sensitivity analysis for the key factors and based on the management estimate none of the reasonably possible changes in the staffing service key assumptions would lead to a situation in which the recoverable amount would be less than the carrying value of the cash generating unit. Accounting policy Group\u2019s intangible assets comprise mainly goodwill arising from business combinations and other intangible assets identified in connection with the business combinations, such as trademarks, non-competition agreements and customer relationships. Goodwill Goodwill arising from business combinations is the excess of the consideration paid, amount of non-controlling interest in the acquired entity and acquisition-date fair value of any previous equity interests in the acquired entity over the fair value of the net identifiable assets acquired. Goodwill represents the consideration paid for the future economic benefits that cannot be separately identified and recognized. Goodwill is not amortized but is tested for impairment annually and whenever there is an indication that it might be impaired. Impairment loss is immediately recognized in the income statement if the carrying amount exceeds the recoverable amount. Impairment losses on goodwill are not reversed. Goodwill is measured at cost less any accumulated impairment losses incurred. Trademarks Eezy has obtained trademarks for the acquired companies in the business combinations. As part of the purchase price allocation a value has been determined for significant trademarks and they are recognized in intangible assets. Development costs Research expenses are booked as an expense as they are incurred. Development costs are recognized as an intangible asset when the Group can demonstrate that: \u2022 the technical feasibility of completing the intangible asset so that the asset will be available for use or sale, \u2022 the intention is to complete and its ability and intention to use or sell the asset, \u2022 the asset will generate future economic benefits, \u2022 the availability of resources is to complete the asset, \u2022 is the ability to measure reliably the expenditure during development. The development costs recognized as assets are amortized over their estimated useful lives. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Other intangible assets An intangible asset is recognized only if it is probable that future economic benefits will flow to the company and the cost can be measured reliably. The other intangible assets with finite useful life identified in the business combinations are recognized separately from goodwill if they meet the recognition criteria of an intangible asset, i.e. are separable or arise from contractual or other legal rights and if the cost can be measured reliably. Non-competition agreements In the business combinations the seller generally agrees to a non-competition agreement related to staffing services for a limited duration. As part of the purchase price allocation a value has been determined for non-competition arrangements and they are recognized in intangible assets. Customer relationships In the business combinations, a value has been determined for the existing customer contracts and customer relationships as a part of the purchase price allocation. The value determined in connection with the purchase price allocation has been recognized in intangible assets. Intangible assets are amortized over the following estimated useful life: 10 years Trademarks IT software 3-5 years Non-competition agreements 2-3 years Customer relationships 7-10 years Development costs 3-5 years The residual value, useful life and amortization method are reviewed at least at each financial year-end and adjusted to reflect the changes in economic benefit expectations. Amortization is terminated when an intangible asset is classified (or included in the group that is classified) as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Impairment of tangible and intangible assets The Group estimates at the end of each balance sheet date if any indications of impairment exist. If such exists, the recoverable amount of the assets is estimated. In addition, the recoverable amount is estimated annually regardless of indications of impairment for the following assets: goodwill, intangible assets with indefinite useful life, and intangible assets under construction. The need for impairment is monitored at the level of cash generating units (CGU) which is the lowest level that is largely independent of the cash inflows from other groups of assets. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The value in use is the estimate of the future cash flows of an asset or cash generating unit which are discounted to present value. The pre-tax rate which represents the market view of time value of money and risks associated to asset or cash generating unit is used as a discount rate. Impairment loss is recognized if the carrying value of an asset is higher than the recoverable amount. Impairment loss is recognized in profit and loss. The useful life of the asset is reassessed when an impairment loss is recognized. Impairment is reversed if there is a change in estimates used in determining the recoverable amount of an asset. Impairment is not reversed over the carrying value of the asset without recognition of impairment. An impairment loss recognized for goodwill is not reversed in any circumstances. Significant management judgement and estimates Business combinations In business combinations, management makes estimates related to e.g. future cash flows of an acquired business, fair value adjustments, value and useful life of trademarks and synergies obtained from the acquisition. Goodwill impairment testing In the goodwill impairment testing, the carrying value of the group of cash generating units (CGU) is compared to the recoverable amount of the CGU at least annually and when there are indications that it might be impaired. The recoverable amount of the cash generating units is based on value in use calculations. Industry specific factors have been taken into account in the discount rate used. The recoverable amount used in impairment testing is assessed by using budgets, forecasts and terminal periods and the sensitivity is analyzed for discount rate, profitability, and changes in residual value growth factors. Changes in these estimates or in the structure or number of cash generating units or group of units may cause impairment in the fair value of assets or goodwill. The estimates concern the expected sale prices of services, expected price development of service costs, and discount rate. The value in use estimates require forecasts and assumptions, of which the most significant concern the revenue growth and development of costs, the level of maintenance investments and changes in the discount rate. It is possible that the predictions related to cash flow forecasts are not achieved. As a result, the impairment of goodwill or other assets may have a significant negative effect on the result and financial position in the future periods. ",
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"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s10_notes__6__57": {
"value": "15. Intangible assets Customer Non-relation-competition Develop-Intangible EUR thousand Goodwill Trademarks IT Software ships agreements ment costs assets total Cost at 1 Jan 2022 134 054 3 184 9 458 27 804 3 674 515 44 636 Acquisitions 7 600 505 573 814 754 - 2 646 Additions - 4 2 433 - - 406 2 843 Disposals - - -430 - -2 806 - -3 236 Transfers between classes - - 37 - - -37 0 Cost at 31 Dec 2022 141 654 3 692 12 072 28 618 1 622 885 46 889 Accumulated amortization and impairment at 1 Jan 2022 - -693 -6 691 -6 507 -2 415 -14 -16 320 Disposals - - 403 - 2 806 - 3 210 Amortization - -354 -1 307 -2 926 -797 -109 -5 493 Accumulated amortization and impairment at 31 Dec 2022 - -1 047 -7 594 -9 433 -406 -123 -18 603 Net carrying value at 1 Jan 2022 134 054 2 491 2 767 21 297 1 259 501 28 314 Net carrying value at 31 Dec 2022 141 654 2 646 4 477 19 185 1 216 761 28 284 Customer Non-relation-competition Develop-Intangible EUR thousand Goodwill Trademarks IT Software ships agreements ment costs assets total Cost at 1 Jan 2021 127 938 2 623 8 144 26 870 3 315 - 40 953 Acquisitions 6 116 527 16 934 508 342 2 327 Additions - 34 1 298 - - 174 1 506 Disposals - - - - -150 - -150 Cost at 31 Dec 2021 134 054 3 184 9 458 27 804 3 674 515 44 636 Accumulated amortization and impairment at 1 Jan 2021 - -420 -5 526 -3 780 -1 496 - -11 222 Disposals - - - - 150 - 150 Amortization -273 -1 008 -2 727 -1 068 -14 -5 090 Impairments - - -157 - - - -157 Accumulated amortization and impairment at 31 Dec 2021 - -693 -6 691 -6 507 -2 415 -14 -16 320 Net carrying value at 1 Jan 2021 127 938 2 203 2 619 23 090 1 819 - 29 731 Net carrying value at 31 Dec 2021 134 054 2 491 2 767 21 297 1 259 501 28 314 Goodwill impairment testing Goodwill is tested for impairment annually to identify any impairment. In addition, the Group monitors any internal and external indicators to identify any signs for impairment. If signs are detected, the carrying value of goodwill is compared to recoverable amount. In the goodwill impairment testing, the carrying value of the group of cash generating units (CGU) is compared to the recoverable amount of the CGU. Eezy has one CGU which is the segment defined by the company and is the level used to monitor the goodwill. If the recoverable amount of the CGU is lower than the carrying value, the difference is recognized as an impairment loss in the statement of comprehensive income. Impairment tests have indicated that the recoverable amount of the CGU exceeds the carrying value and goodwill has not been impaired. Impairment testing and the key assumptions The recoverable amount of the CGU is determined using a value-in-use method. Value-in-use is calculated by discounting the future cash flows. The calculation of the recoverable amount is impacted primarily by changes in the forecasted EBITDA, discount rate used and the estimated revenue growth. The business growth and EBITDA are based on management\u2019s assessment of the future market demand and environment. The key assumptions used in the value-in-use calculations: 31 Dec 2022 31 Dec 2021 The average cumulative increase in revenue, forecast period 6.1% 10.4% Terminal growth assumption 2.0% 1.0% Average EBITDA, forecast period 10.3% 10.3% Forecasted EBITDA, terminal value 9.5% 9.5% Pre-tax discount rate 11.3% 10.9% Impairment testing calculations are based on the cash flow forecasts and the budget prepared by the Group\u2019s management team and approved by the Board of Directors, including the forecast and terminal periods. A five-year forecast period is used in the impairment testing calculations. The (after-tax) discount rate used is based on the weighted average cost of capital (WACC). The management has determined the following assumptions used in the calculations: Assumption Description Revenue growth Revenue growth is based on the review period forecast. The impact of the acquisitions completed in the financial year on the Group\u2019s revenue has been considered in the growth forecast. EBITDA EBITDA is based on the budgeted, forecasted profitability development in the review period as well as expected long-term profitability. Terminal growth assumption The growth assumption for the terminal period has been determined as 2% which represents the long-term inflation projections Discount rate The discount rate is determined based on peer company analysis. The forecasted cash flows are based on the existing business of the cash generating unit at the time of testing. Expansion investments have not been taken into account in the cash flow forecast estimates. The Group\u2019s cash generating unit provides mainly staffing services. The management judgement and estimates regarding future have a central role in preparing the impairment testing calculations. The discounted cash flow method used in preparing the calculations requires forecasts and assumptions of which the most significant relate to revenue growth, the development of costs, the level of maintenance investments and changes in the discount rate. The main uncertainty factors in calculations are the general poor economic development and high inflation in Finland due to e.g indirect effects of Russia offensive war in Ukraine, the effect of possible sick leaves and the availability of labor in competition in the personnel service and recruitment market. The growth assumption for the terminal period has been determined as 2% which represents the long-term inflation projections. It is possible that the predictions related to the cash flow forecasts are not achieved. As a result, the impairment of goodwill or other assets may have a significantly negative effect on the result and the financial position in the future periods. The result of impairment testing is assessed by comparing recoverable amount of CGU to carrying value of CGU as follows: Recoverable amount / Carrying value Test result less than 1.0 Impairment 1.0-1.2 Exceeds slightly 1.2-1.5 Exceeds clearly more than 1.5 Exceeds remarkably In 2022 and 2021, impairment testing has been performed quarterly. Test result of impairment testing exceeds remarkably; therefore no impairment losses have been recognized in any financial periods presented. The management has prepared a sensitivity analysis for the key factors and based on the management estimate none of the reasonably possible changes in the staffing service key assumptions would lead to a situation in which the recoverable amount would be less than the carrying value of the cash generating unit. Accounting policy Group\u2019s intangible assets comprise mainly goodwill arising from business combinations and other intangible assets identified in connection with the business combinations, such as trademarks, non-competition agreements and customer relationships. Goodwill Goodwill arising from business combinations is the excess of the consideration paid, amount of non-controlling interest in the acquired entity and acquisition-date fair value of any previous equity interests in the acquired entity over the fair value of the net identifiable assets acquired. Goodwill represents the consideration paid for the future economic benefits that cannot be separately identified and recognized. Goodwill is not amortized but is tested for impairment annually and whenever there is an indication that it might be impaired. Impairment loss is immediately recognized in the income statement if the carrying amount exceeds the recoverable amount. Impairment losses on goodwill are not reversed. Goodwill is measured at cost less any accumulated impairment losses incurred. Trademarks Eezy has obtained trademarks for the acquired companies in the business combinations. As part of the purchase price allocation a value has been determined for significant trademarks and they are recognized in intangible assets. Development costs Research expenses are booked as an expense as they are incurred. Development costs are recognized as an intangible asset when the Group can demonstrate that: \u2022 the technical feasibility of completing the intangible asset so that the asset will be available for use or sale, \u2022 the intention is to complete and its ability and intention to use or sell the asset, \u2022 the asset will generate future economic benefits, \u2022 the availability of resources is to complete the asset, \u2022 is the ability to measure reliably the expenditure during development. The development costs recognized as assets are amortized over their estimated useful lives. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Other intangible assets An intangible asset is recognized only if it is probable that future economic benefits will flow to the company and the cost can be measured reliably. The other intangible assets with finite useful life identified in the business combinations are recognized separately from goodwill if they meet the recognition criteria of an intangible asset, i.e. are separable or arise from contractual or other legal rights and if the cost can be measured reliably. Non-competition agreements In the business combinations the seller generally agrees to a non-competition agreement related to staffing services for a limited duration. As part of the purchase price allocation a value has been determined for non-competition arrangements and they are recognized in intangible assets. Customer relationships In the business combinations, a value has been determined for the existing customer contracts and customer relationships as a part of the purchase price allocation. The value determined in connection with the purchase price allocation has been recognized in intangible assets. Intangible assets are amortized over the following estimated useful life: 10 years Trademarks IT software 3-5 years Non-competition agreements 2-3 years Customer relationships 7-10 years Development costs 3-5 years The residual value, useful life and amortization method are reviewed at least at each financial year-end and adjusted to reflect the changes in economic benefit expectations. Amortization is terminated when an intangible asset is classified (or included in the group that is classified) as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Impairment of tangible and intangible assets The Group estimates at the end of each balance sheet date if any indications of impairment exist. If such exists, the recoverable amount of the assets is estimated. In addition, the recoverable amount is estimated annually regardless of indications of impairment for the following assets: goodwill, intangible assets with indefinite useful life, and intangible assets under construction. The need for impairment is monitored at the level of cash generating units (CGU) which is the lowest level that is largely independent of the cash inflows from other groups of assets. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The value in use is the estimate of the future cash flows of an asset or cash generating unit which are discounted to present value. The pre-tax rate which represents the market view of time value of money and risks associated to asset or cash generating unit is used as a discount rate. Impairment loss is recognized if the carrying value of an asset is higher than the recoverable amount. Impairment loss is recognized in profit and loss. The useful life of the asset is reassessed when an impairment loss is recognized. Impairment is reversed if there is a change in estimates used in determining the recoverable amount of an asset. Impairment is not reversed over the carrying value of the asset without recognition of impairment. An impairment loss recognized for goodwill is not reversed in any circumstances. Significant management judgement and estimates Business combinations In business combinations, management makes estimates related to e.g. future cash flows of an acquired business, fair value adjustments, value and useful life of trademarks and synergies obtained from the acquisition. Goodwill impairment testing In the goodwill impairment testing, the carrying value of the group of cash generating units (CGU) is compared to the recoverable amount of the CGU at least annually and when there are indications that it might be impaired. The recoverable amount of the cash generating units is based on value in use calculations. Industry specific factors have been taken into account in the discount rate used. The recoverable amount used in impairment testing is assessed by using budgets, forecasts and terminal periods and the sensitivity is analyzed for discount rate, profitability, and changes in residual value growth factors. Changes in these estimates or in the structure or number of cash generating units or group of units may cause impairment in the fair value of assets or goodwill. The estimates concern the expected sale prices of services, expected price development of service costs, and discount rate. The value in use estimates require forecasts and assumptions, of which the most significant concern the revenue growth and development of costs, the level of maintenance investments and changes in the discount rate. It is possible that the predictions related to cash flow forecasts are not achieved. As a result, the impairment of goodwill or other assets may have a significant negative effect on the result and financial position in the future periods. ",
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"s10_notes__6__56": {
"value": "15. Intangible assets Customer Non-relation-competition Develop-Intangible EUR thousand Goodwill Trademarks IT Software ships agreements ment costs assets total Cost at 1 Jan 2022 134 054 3 184 9 458 27 804 3 674 515 44 636 Acquisitions 7 600 505 573 814 754 - 2 646 Additions - 4 2 433 - - 406 2 843 Disposals - - -430 - -2 806 - -3 236 Transfers between classes - - 37 - - -37 0 Cost at 31 Dec 2022 141 654 3 692 12 072 28 618 1 622 885 46 889 Accumulated amortization and impairment at 1 Jan 2022 - -693 -6 691 -6 507 -2 415 -14 -16 320 Disposals - - 403 - 2 806 - 3 210 Amortization - -354 -1 307 -2 926 -797 -109 -5 493 Accumulated amortization and impairment at 31 Dec 2022 - -1 047 -7 594 -9 433 -406 -123 -18 603 Net carrying value at 1 Jan 2022 134 054 2 491 2 767 21 297 1 259 501 28 314 Net carrying value at 31 Dec 2022 141 654 2 646 4 477 19 185 1 216 761 28 284 Customer Non-relation-competition Develop-Intangible EUR thousand Goodwill Trademarks IT Software ships agreements ment costs assets total Cost at 1 Jan 2021 127 938 2 623 8 144 26 870 3 315 - 40 953 Acquisitions 6 116 527 16 934 508 342 2 327 Additions - 34 1 298 - - 174 1 506 Disposals - - - - -150 - -150 Cost at 31 Dec 2021 134 054 3 184 9 458 27 804 3 674 515 44 636 Accumulated amortization and impairment at 1 Jan 2021 - -420 -5 526 -3 780 -1 496 - -11 222 Disposals - - - - 150 - 150 Amortization -273 -1 008 -2 727 -1 068 -14 -5 090 Impairments - - -157 - - - -157 Accumulated amortization and impairment at 31 Dec 2021 - -693 -6 691 -6 507 -2 415 -14 -16 320 Net carrying value at 1 Jan 2021 127 938 2 203 2 619 23 090 1 819 - 29 731 Net carrying value at 31 Dec 2021 134 054 2 491 2 767 21 297 1 259 501 28 314 Goodwill impairment testing Goodwill is tested for impairment annually to identify any impairment. In addition, the Group monitors any internal and external indicators to identify any signs for impairment. If signs are detected, the carrying value of goodwill is compared to recoverable amount. In the goodwill impairment testing, the carrying value of the group of cash generating units (CGU) is compared to the recoverable amount of the CGU. Eezy has one CGU which is the segment defined by the company and is the level used to monitor the goodwill. If the recoverable amount of the CGU is lower than the carrying value, the difference is recognized as an impairment loss in the statement of comprehensive income. Impairment tests have indicated that the recoverable amount of the CGU exceeds the carrying value and goodwill has not been impaired. Impairment testing and the key assumptions The recoverable amount of the CGU is determined using a value-in-use method. Value-in-use is calculated by discounting the future cash flows. The calculation of the recoverable amount is impacted primarily by changes in the forecasted EBITDA, discount rate used and the estimated revenue growth. The business growth and EBITDA are based on management\u2019s assessment of the future market demand and environment. The key assumptions used in the value-in-use calculations: 31 Dec 2022 31 Dec 2021 The average cumulative increase in revenue, forecast period 6.1% 10.4% Terminal growth assumption 2.0% 1.0% Average EBITDA, forecast period 10.3% 10.3% Forecasted EBITDA, terminal value 9.5% 9.5% Pre-tax discount rate 11.3% 10.9% Impairment testing calculations are based on the cash flow forecasts and the budget prepared by the Group\u2019s management team and approved by the Board of Directors, including the forecast and terminal periods. A five-year forecast period is used in the impairment testing calculations. The (after-tax) discount rate used is based on the weighted average cost of capital (WACC). The management has determined the following assumptions used in the calculations: Assumption Description Revenue growth Revenue growth is based on the review period forecast. The impact of the acquisitions completed in the financial year on the Group\u2019s revenue has been considered in the growth forecast. EBITDA EBITDA is based on the budgeted, forecasted profitability development in the review period as well as expected long-term profitability. Terminal growth assumption The growth assumption for the terminal period has been determined as 2% which represents the long-term inflation projections Discount rate The discount rate is determined based on peer company analysis. The forecasted cash flows are based on the existing business of the cash generating unit at the time of testing. Expansion investments have not been taken into account in the cash flow forecast estimates. The Group\u2019s cash generating unit provides mainly staffing services. The management judgement and estimates regarding future have a central role in preparing the impairment testing calculations. The discounted cash flow method used in preparing the calculations requires forecasts and assumptions of which the most significant relate to revenue growth, the development of costs, the level of maintenance investments and changes in the discount rate. The main uncertainty factors in calculations are the general poor economic development and high inflation in Finland due to e.g indirect effects of Russia offensive war in Ukraine, the effect of possible sick leaves and the availability of labor in competition in the personnel service and recruitment market. The growth assumption for the terminal period has been determined as 2% which represents the long-term inflation projections. It is possible that the predictions related to the cash flow forecasts are not achieved. As a result, the impairment of goodwill or other assets may have a significantly negative effect on the result and the financial position in the future periods. The result of impairment testing is assessed by comparing recoverable amount of CGU to carrying value of CGU as follows: Recoverable amount / Carrying value Test result less than 1.0 Impairment 1.0-1.2 Exceeds slightly 1.2-1.5 Exceeds clearly more than 1.5 Exceeds remarkably In 2022 and 2021, impairment testing has been performed quarterly. Test result of impairment testing exceeds remarkably; therefore no impairment losses have been recognized in any financial periods presented. The management has prepared a sensitivity analysis for the key factors and based on the management estimate none of the reasonably possible changes in the staffing service key assumptions would lead to a situation in which the recoverable amount would be less than the carrying value of the cash generating unit. Accounting policy Group\u2019s intangible assets comprise mainly goodwill arising from business combinations and other intangible assets identified in connection with the business combinations, such as trademarks, non-competition agreements and customer relationships. Goodwill Goodwill arising from business combinations is the excess of the consideration paid, amount of non-controlling interest in the acquired entity and acquisition-date fair value of any previous equity interests in the acquired entity over the fair value of the net identifiable assets acquired. Goodwill represents the consideration paid for the future economic benefits that cannot be separately identified and recognized. Goodwill is not amortized but is tested for impairment annually and whenever there is an indication that it might be impaired. Impairment loss is immediately recognized in the income statement if the carrying amount exceeds the recoverable amount. Impairment losses on goodwill are not reversed. Goodwill is measured at cost less any accumulated impairment losses incurred. Trademarks Eezy has obtained trademarks for the acquired companies in the business combinations. As part of the purchase price allocation a value has been determined for significant trademarks and they are recognized in intangible assets. Development costs Research expenses are booked as an expense as they are incurred. Development costs are recognized as an intangible asset when the Group can demonstrate that: \u2022 the technical feasibility of completing the intangible asset so that the asset will be available for use or sale, \u2022 the intention is to complete and its ability and intention to use or sell the asset, \u2022 the asset will generate future economic benefits, \u2022 the availability of resources is to complete the asset, \u2022 is the ability to measure reliably the expenditure during development. The development costs recognized as assets are amortized over their estimated useful lives. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Other intangible assets An intangible asset is recognized only if it is probable that future economic benefits will flow to the company and the cost can be measured reliably. The other intangible assets with finite useful life identified in the business combinations are recognized separately from goodwill if they meet the recognition criteria of an intangible asset, i.e. are separable or arise from contractual or other legal rights and if the cost can be measured reliably. Non-competition agreements In the business combinations the seller generally agrees to a non-competition agreement related to staffing services for a limited duration. As part of the purchase price allocation a value has been determined for non-competition arrangements and they are recognized in intangible assets. Customer relationships In the business combinations, a value has been determined for the existing customer contracts and customer relationships as a part of the purchase price allocation. The value determined in connection with the purchase price allocation has been recognized in intangible assets. Intangible assets are amortized over the following estimated useful life: 10 years Trademarks IT software 3-5 years Non-competition agreements 2-3 years Customer relationships 7-10 years Development costs 3-5 years The residual value, useful life and amortization method are reviewed at least at each financial year-end and adjusted to reflect the changes in economic benefit expectations. Amortization is terminated when an intangible asset is classified (or included in the group that is classified) as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Impairment of tangible and intangible assets The Group estimates at the end of each balance sheet date if any indications of impairment exist. If such exists, the recoverable amount of the assets is estimated. In addition, the recoverable amount is estimated annually regardless of indications of impairment for the following assets: goodwill, intangible assets with indefinite useful life, and intangible assets under construction. The need for impairment is monitored at the level of cash generating units (CGU) which is the lowest level that is largely independent of the cash inflows from other groups of assets. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The value in use is the estimate of the future cash flows of an asset or cash generating unit which are discounted to present value. The pre-tax rate which represents the market view of time value of money and risks associated to asset or cash generating unit is used as a discount rate. Impairment loss is recognized if the carrying value of an asset is higher than the recoverable amount. Impairment loss is recognized in profit and loss. The useful life of the asset is reassessed when an impairment loss is recognized. Impairment is reversed if there is a change in estimates used in determining the recoverable amount of an asset. Impairment is not reversed over the carrying value of the asset without recognition of impairment. An impairment loss recognized for goodwill is not reversed in any circumstances. Significant management judgement and estimates Business combinations In business combinations, management makes estimates related to e.g. future cash flows of an acquired business, fair value adjustments, value and useful life of trademarks and synergies obtained from the acquisition. Goodwill impairment testing In the goodwill impairment testing, the carrying value of the group of cash generating units (CGU) is compared to the recoverable amount of the CGU at least annually and when there are indications that it might be impaired. The recoverable amount of the cash generating units is based on value in use calculations. Industry specific factors have been taken into account in the discount rate used. The recoverable amount used in impairment testing is assessed by using budgets, forecasts and terminal periods and the sensitivity is analyzed for discount rate, profitability, and changes in residual value growth factors. Changes in these estimates or in the structure or number of cash generating units or group of units may cause impairment in the fair value of assets or goodwill. The estimates concern the expected sale prices of services, expected price development of service costs, and discount rate. The value in use estimates require forecasts and assumptions, of which the most significant concern the revenue growth and development of costs, the level of maintenance investments and changes in the discount rate. It is possible that the predictions related to cash flow forecasts are not achieved. As a result, the impairment of goodwill or other assets may have a significant negative effect on the result and financial position in the future periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__60": {
"value": "Accounting policy Group\u2019s intangible assets comprise mainly goodwill arising from business combinations and other intangible assets identified in connection with the business combinations, such as trademarks, non-competition agreements and customer relationships. Goodwill Goodwill arising from business combinations is the excess of the consideration paid, amount of non-controlling interest in the acquired entity and acquisition-date fair value of any previous equity interests in the acquired entity over the fair value of the net identifiable assets acquired. Goodwill represents the consideration paid for the future economic benefits that cannot be separately identified and recognized. Goodwill is not amortized but is tested for impairment annually and whenever there is an indication that it might be impaired. Impairment loss is immediately recognized in the income statement if the carrying amount exceeds the recoverable amount. Impairment losses on goodwill are not reversed. Goodwill is measured at cost less any accumulated impairment losses incurred. Trademarks Eezy has obtained trademarks for the acquired companies in the business combinations. As part of the purchase price allocation a value has been determined for significant trademarks and they are recognized in intangible assets. Development costs Research expenses are booked as an expense as they are incurred. Development costs are recognized as an intangible asset when the Group can demonstrate that: \u2022 the technical feasibility of completing the intangible asset so that the asset will be available for use or sale, \u2022 the intention is to complete and its ability and intention to use or sell the asset, \u2022 the asset will generate future economic benefits, \u2022 the availability of resources is to complete the asset, \u2022 is the ability to measure reliably the expenditure during development. The development costs recognized as assets are amortized over their estimated useful lives. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Other intangible assets An intangible asset is recognized only if it is probable that future economic benefits will flow to the company and the cost can be measured reliably. The other intangible assets with finite useful life identified in the business combinations are recognized separately from goodwill if they meet the recognition criteria of an intangible asset, i.e. are separable or arise from contractual or other legal rights and if the cost can be measured reliably. Non-competition agreements In the business combinations the seller generally agrees to a non-competition agreement related to staffing services for a limited duration. As part of the purchase price allocation a value has been determined for non-competition arrangements and they are recognized in intangible assets. Customer relationships In the business combinations, a value has been determined for the existing customer contracts and customer relationships as a part of the purchase price allocation. The value determined in connection with the purchase price allocation has been recognized in intangible assets. Intangible assets are amortized over the following estimated useful life: 10 years Trademarks IT software 3-5 years Non-competition agreements 2-3 years Customer relationships 7-10 years Development costs 3-5 years The residual value, useful life and amortization method are reviewed at least at each financial year-end and adjusted to reflect the changes in economic benefit expectations. Amortization is terminated when an intangible asset is classified (or included in the group that is classified) as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Impairment of tangible and intangible assets The Group estimates at the end of each balance sheet date if any indications of impairment exist. If such exists, the recoverable amount of the assets is estimated. In addition, the recoverable amount is estimated annually regardless of indications of impairment for the following assets: goodwill, intangible assets with indefinite useful life, and intangible assets under construction. The need for impairment is monitored at the level of cash generating units (CGU) which is the lowest level that is largely independent of the cash inflows from other groups of assets. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The value in use is the estimate of the future cash flows of an asset or cash generating unit which are discounted to present value. The pre-tax rate which represents the market view of time value of money and risks associated to asset or cash generating unit is used as a discount rate. Impairment loss is recognized if the carrying value of an asset is higher than the recoverable amount. Impairment loss is recognized in profit and loss. The useful life of the asset is reassessed when an impairment loss is recognized. Impairment is reversed if there is a change in estimates used in determining the recoverable amount of an asset. Impairment is not reversed over the carrying value of the asset without recognition of impairment. An impairment loss recognized for goodwill is not reversed in any circumstances. Significant management judgement and estimates Business combinations In business combinations, management makes estimates related to e.g. future cash flows of an acquired business, fair value adjustments, value and useful life of trademarks and synergies obtained from the acquisition. Goodwill impairment testing In the goodwill impairment testing, the carrying value of the group of cash generating units (CGU) is compared to the recoverable amount of the CGU at least annually and when there are indications that it might be impaired. The recoverable amount of the cash generating units is based on value in use calculations. Industry specific factors have been taken into account in the discount rate used. The recoverable amount used in impairment testing is assessed by using budgets, forecasts and terminal periods and the sensitivity is analyzed for discount rate, profitability, and changes in residual value growth factors. Changes in these estimates or in the structure or number of cash generating units or group of units may cause impairment in the fair value of assets or goodwill. The estimates concern the expected sale prices of services, expected price development of service costs, and discount rate. The value in use estimates require forecasts and assumptions, of which the most significant concern the revenue growth and development of costs, the level of maintenance investments and changes in the discount rate. It is possible that the predictions related to cash flow forecasts are not achieved. As a result, the impairment of goodwill or other assets may have a significant negative effect on the result and financial position in the future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__61": {
"value": "Development costs Research expenses are booked as an expense as they are incurred. Development costs are recognized as an intangible asset when the Group can demonstrate that: \u2022 the technical feasibility of completing the intangible asset so that the asset will be available for use or sale, \u2022 the intention is to complete and its ability and intention to use or sell the asset, \u2022 the asset will generate future economic benefits, \u2022 the availability of resources is to complete the asset, \u2022 is the ability to measure reliably the expenditure during development. The development costs recognized as assets are amortized over their estimated useful lives. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__62-1": {
"value": "Intangible assets are amortized over the following estimated useful life: 10 years Trademarks IT software 3-5 years Non-competition agreements 2-3 years Customer relationships 7-10 years Development costs 3-5 years The residual value, useful life and amortization method are reviewed at least at each financial year-end and adjusted to reflect the changes in economic benefit expectations. Amortization is terminated when an intangible asset is classified (or included in the group that is classified) as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.The Groups property, plant and equipment are depreciated over the estimated useful life. The depreciation periods are 5-8 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__63-1": {
"value": "Impairment of tangible and intangible assets The Group estimates at the end of each balance sheet date if any indications of impairment exist. If such exists, the recoverable amount of the assets is estimated. In addition, the recoverable amount is estimated annually regardless of indications of impairment for the following assets: goodwill, intangible assets with indefinite useful life, and intangible assets under construction. The need for impairment is monitored at the level of cash generating units (CGU) which is the lowest level that is largely independent of the cash inflows from other groups of assets. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The value in use is the estimate of the future cash flows of an asset or cash generating unit which are discounted to present value. The pre-tax rate which represents the market view of time value of money and risks associated to asset or cash generating unit is used as a discount rate. Impairment loss is recognized if the carrying value of an asset is higher than the recoverable amount. Impairment loss is recognized in profit and loss. The useful life of the asset is reassessed when an impairment loss is recognized. Impairment is reversed if there is a change in estimates used in determining the recoverable amount of an asset. Impairment is not reversed over the carrying value of the asset without recognition of impairment. An impairment loss recognized for goodwill is not reversed in any circumstances. The residual value and useful life of property, plant and equipment are reviewed at least annually at the balance sheet date and impairment adjustments are made if necessary. The Group estimates if there are any indications for impairment at each balance sheet date. If the carrying value of the asset is greater than the recoverable amount, the carrying value of the asset is reduced to its recoverable amount immediately. An item of property, plant and equipment classified as held for sale in accordance with IFRS 5 is not depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__66-1": {
"value": "16. Property, plant and equipment Machinery Machinery and Buildings, and equipment, EUR thousand Buildings right-of-use equipment right-of-use Other Total Cost at 1 Jan 2022 827 7 296 1 481 849 102 10 556 Acquisitions - 46 58 62 - 166 Additions 57 2 694 41 259 - 3 051 Disposals - -1 569 -83 -145 - -1 798 Revaluation - 282 - -97 - 185 Cost at 31 Dec 2022 884 8 749 1 498 928 102 12 161 Accumulated depreciation and impairment at 1 Jan 2022 -415 -3 647 -1 098 -229 -73 -5 462 Disposals - 1 569 -1 145 - 1 714 Depreciation -161 -2 169 -102 -301 - -2 733 Accumulated depreciation and impairment at 31 Dec 2022 -576 -4 246 -1 201 -385 -73 -6 481 Net carrying value at 1 Jan 2022 413 3 650 383 620 29 5 095 Net carrying value at 31 Dec 2022 307 4 503 297 542 29 5 680 Machinery Machinery and Buildings, and equipment, EUR thousand Buildings right-of-use equipment right-of-use Other Total Cost at 1 Jan 2021 1 080 9 616 1 646 341 102 12 786 Acquisitions - - 24 - - 24 Additions 137 624 25 690 - 1 476 Disposals -390 -2 198 -214 -185 - -2 987 Revaluation - -746 - 3 - -743 Cost at 31 Dec 2021 827 7 296 1 481 849 102 10 556 Accumulated depreciation and impairment at 1 Jan 2021 -658 -3 871 -959 -241 -73 -5 802 Disposals 390 2 198 - 185 - 2 773 Depreciation -147 -1 858 -129 -173 - -2 307 Impairment - -116 -10 - - -126 Accumulated depreciation and impairment at 31 Dec 2021 -415 -3 647 -1 098 -229 -73 -5 462 Net carrying value at 1 Jan 2021 422 5 745 687 100 29 6 984 Net carrying value at 31 Dec 2021 413 3 650 383 620 29 5 095 Accounting policy Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses and is recognized in the balance sheet when it is probable that future economic benefits will flow to the Group and costs can be measured reliably. The cost of property, plant and equipment comprises the expenses directly attributable to the acquisition. The subsequent expenses incurred are recognized in the carrying value of an item of property, plant and equipment or as a separate item if it is probable that future economic benefits will flow to the Group and costs can be measured reliably. Repair and maintenance expenses are recognized in profit or loss as incurred. If an item of property, plant and equipment consists of several separate parts that have different useful life each part is recognized as a separate item. The Groups property, plant and equipment are depreciated over the estimated useful life. The depreciation periods are 5-8 years. The residual value and useful life of property, plant and equipment are reviewed at least annually at the balance sheet date and impairment adjustments are made if necessary. The Group estimates if there are any indications for impairment at each balance sheet date. If the carrying value of the asset is greater than the recoverable amount, the carrying value of the asset is reduced to its recoverable amount immediately. An item of property, plant and equipment classified as held for sale in accordance with IFRS 5 is not depreciated. The gains and losses from the sale of property, plant and equipment are presented in the other operating income or expenses. The gain or loss is determined as a difference between the sales price and carrying value. 17. Leases Eezy\u2019s leases relate primally to premises and cars. The most significant leases are for the premises in the largest cities in which the operations have been centralized. These leases are mainly 3 to 5-year fixed term leases. Leases may include extension options and it is determined on a lease-by-lease basis if the extension option is exercised or not. Smaller premises have been leased for a perpetual term. Right-of-use assets are presented in note 16. The following lease liabilities are included in the borrowings in the balance sheet: Lease liabilities EUR thousand 31 Dec 2022 31 Dec 2021 Current 2 211 1 975 Non-current 2 948 2 527 Total 5 159 4 502 The maturity of the lease liabilities is presented in note 26. Eezy has leases that have not yet commenced but Eezy is contractually committed to. The leases commence during 2023 and the total lease liability of the contracts is approximately EUR 5 million. The following amounts related to leases are recognized in profit or loss: EUR thousand 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Depreciation and impairment losses -2 470 -2 146 Interest expenses from lease liabilities -136 -131 Lease expenses from short term leases -183 -49 Lease expenses from leases of low value assets -712 -583 The total cash outflow for leases in 2022 was EUR 3 619 (2 814) thousand. Accounting policy Right-of-use assets are measured at cost comprising the amount of the lease liability and any prepayments. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term. Lease liability is initially measured at the commencement of the lease at the present value of the future payments. Lease payments include fixed payments and variable lease payments based on an index, any penalties for terminating the lease if the lease term reflects the termination. Payments for the periods covered by the extension options are included in the lease liability if the lease is reasonably certain to be extended. Lease payments are discounted using the interest rate implicit in the lease or the lessee\u2019s incremental borrowing rate if the interest rate implicit in the lease cannot be readily determined. Eezy\u2019s incremental borrowing rate is determined based on financing offers, lease term and economic environment. Eezy\u2019s leases include variable lease payments based on an index which are not included in the measurement of the lease liability until they realize. The lease liability is remeasured when the lease payment based on an index change. A corresponding adjustment is done to the right-of-use asset amount. Lease payments are allocated between principal and finance cost. The finance cost is expensed over the lease term to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Eezy\u2019s leases include lease components and non-lease components. The consideration in the contract is allocated to the lease and non-lease components based on their relative stand-alone prices. Payments for short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the result for the period. Short-term leases are leases with a lease term of 12 months of less. Exemption is applied to all classes of underlying assets. Low-value assets comprise IT equipment and machinery and office equipment. Significant management judgement and estimates In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Otherwise the Group assesses the historical leases and need for replacement leases when determining lease terms. The lease term is reassessed if a significant event or significant change in circumstances occurs or the Group becomes obliged to exercise or not to exercise an option. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__65": {
"value": "16. Property, plant and equipment Machinery Machinery and Buildings, and equipment, EUR thousand Buildings right-of-use equipment right-of-use Other Total Cost at 1 Jan 2022 827 7 296 1 481 849 102 10 556 Acquisitions - 46 58 62 - 166 Additions 57 2 694 41 259 - 3 051 Disposals - -1 569 -83 -145 - -1 798 Revaluation - 282 - -97 - 185 Cost at 31 Dec 2022 884 8 749 1 498 928 102 12 161 Accumulated depreciation and impairment at 1 Jan 2022 -415 -3 647 -1 098 -229 -73 -5 462 Disposals - 1 569 -1 145 - 1 714 Depreciation -161 -2 169 -102 -301 - -2 733 Accumulated depreciation and impairment at 31 Dec 2022 -576 -4 246 -1 201 -385 -73 -6 481 Net carrying value at 1 Jan 2022 413 3 650 383 620 29 5 095 Net carrying value at 31 Dec 2022 307 4 503 297 542 29 5 680 Machinery Machinery and Buildings, and equipment, EUR thousand Buildings right-of-use equipment right-of-use Other Total Cost at 1 Jan 2021 1 080 9 616 1 646 341 102 12 786 Acquisitions - - 24 - - 24 Additions 137 624 25 690 - 1 476 Disposals -390 -2 198 -214 -185 - -2 987 Revaluation - -746 - 3 - -743 Cost at 31 Dec 2021 827 7 296 1 481 849 102 10 556 Accumulated depreciation and impairment at 1 Jan 2021 -658 -3 871 -959 -241 -73 -5 802 Disposals 390 2 198 - 185 - 2 773 Depreciation -147 -1 858 -129 -173 - -2 307 Impairment - -116 -10 - - -126 Accumulated depreciation and impairment at 31 Dec 2021 -415 -3 647 -1 098 -229 -73 -5 462 Net carrying value at 1 Jan 2021 422 5 745 687 100 29 6 984 Net carrying value at 31 Dec 2021 413 3 650 383 620 29 5 095 Accounting policy Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses and is recognized in the balance sheet when it is probable that future economic benefits will flow to the Group and costs can be measured reliably. The cost of property, plant and equipment comprises the expenses directly attributable to the acquisition. The subsequent expenses incurred are recognized in the carrying value of an item of property, plant and equipment or as a separate item if it is probable that future economic benefits will flow to the Group and costs can be measured reliably. Repair and maintenance expenses are recognized in profit or loss as incurred. If an item of property, plant and equipment consists of several separate parts that have different useful life each part is recognized as a separate item. The Groups property, plant and equipment are depreciated over the estimated useful life. The depreciation periods are 5-8 years. The residual value and useful life of property, plant and equipment are reviewed at least annually at the balance sheet date and impairment adjustments are made if necessary. The Group estimates if there are any indications for impairment at each balance sheet date. If the carrying value of the asset is greater than the recoverable amount, the carrying value of the asset is reduced to its recoverable amount immediately. An item of property, plant and equipment classified as held for sale in accordance with IFRS 5 is not depreciated. The gains and losses from the sale of property, plant and equipment are presented in the other operating income or expenses. The gain or loss is determined as a difference between the sales price and carrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__67": {
"value": "Accounting policy Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses and is recognized in the balance sheet when it is probable that future economic benefits will flow to the Group and costs can be measured reliably. The cost of property, plant and equipment comprises the expenses directly attributable to the acquisition. The subsequent expenses incurred are recognized in the carrying value of an item of property, plant and equipment or as a separate item if it is probable that future economic benefits will flow to the Group and costs can be measured reliably. Repair and maintenance expenses are recognized in profit or loss as incurred. If an item of property, plant and equipment consists of several separate parts that have different useful life each part is recognized as a separate item. The Groups property, plant and equipment are depreciated over the estimated useful life. The depreciation periods are 5-8 years. The residual value and useful life of property, plant and equipment are reviewed at least annually at the balance sheet date and impairment adjustments are made if necessary. The Group estimates if there are any indications for impairment at each balance sheet date. If the carrying value of the asset is greater than the recoverable amount, the carrying value of the asset is reduced to its recoverable amount immediately. An item of property, plant and equipment classified as held for sale in accordance with IFRS 5 is not depreciated. The gains and losses from the sale of property, plant and equipment are presented in the other operating income or expenses. The gain or loss is determined as a difference between the sales price and carrying value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__71": {
"value": "Accounting policy Right-of-use assets are measured at cost comprising the amount of the lease liability and any prepayments. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term. Lease liability is initially measured at the commencement of the lease at the present value of the future payments. Lease payments include fixed payments and variable lease payments based on an index, any penalties for terminating the lease if the lease term reflects the termination. Payments for the periods covered by the extension options are included in the lease liability if the lease is reasonably certain to be extended. Lease payments are discounted using the interest rate implicit in the lease or the lessee\u2019s incremental borrowing rate if the interest rate implicit in the lease cannot be readily determined. Eezy\u2019s incremental borrowing rate is determined based on financing offers, lease term and economic environment. Eezy\u2019s leases include variable lease payments based on an index which are not included in the measurement of the lease liability until they realize. The lease liability is remeasured when the lease payment based on an index change. A corresponding adjustment is done to the right-of-use asset amount. Lease payments are allocated between principal and finance cost. The finance cost is expensed over the lease term to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Eezy\u2019s leases include lease components and non-lease components. The consideration in the contract is allocated to the lease and non-lease components based on their relative stand-alone prices. Payments for short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the result for the period. Short-term leases are leases with a lease term of 12 months of less. Exemption is applied to all classes of underlying assets. Low-value assets comprise IT equipment and machinery and office equipment. Significant management judgement and estimates In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Otherwise the Group assesses the historical leases and need for replacement leases when determining lease terms. The lease term is reassessed if a significant event or significant change in circumstances occurs or the Group becomes obliged to exercise or not to exercise an option.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__73": {
"value": "18. Investments in shares and funds Fair values of investments and the fair value hierarchy levels are presented in the table below: 31 Dec 2022 31 Dec 2021 EUR thousand Fair value Level Fair value Level Investments in shares, unquoted 240 3 240 3 Total 240 240 The changes in level 3 items are as follows: Share investments 1 Jan 2021 235 Addition 5 31 Dec 2021 240 31 Dec 2022 240 In addition, the Group has contingent consideration liabilities which were classified as level 3 in the fair value hierarchy. More information is presented in notes 14 and 25. Accounting policy Share investments are measured at fair value. Eezy has chosen to recognize the changes in the fair value of the share investments in other comprehensive income instead of the profit or loss for the period. Eezy sees this as an appropriate decision as shares are non-current investments not held for trading. The changes in the fair value are not subsequently reclassified to profit or loss. Dividend income is recognized in the profit or loss for the period. Eezy\u2019s share investments consist of listed and unlisted shares. The fair value of the unlisted shares is determined using valuation models. They are measured at cost when it is determined that the acquisition cost is a reasonable estimate of the fair value. Listed shares are measured at the balance sheet date fair value. The Group has no listed shares measured at fair value. The financial instruments measured at fair value in the balance sheet are classified based on the following fair value hierarchy levels: Level 1: The fair value of publicly traded instruments (like listed shares) is based on the quoted year-end market prices of similar assets or liabilities in active markets. The bid price is used as the quoted market price. Level 2: The fair value of financial instruments that are not traded on the active market is determined with a valuation technique. These techniques maximize the use of observable market data and apply company specific estimates only to a minimal degree. When all significant inputs needed to determine the fair value of the instrument are observable, the instrument is categorized on level 2. Level 3: If one or several significant inputs are not based on observable market data, the instrument is categorized on level 3. Such instruments include the Company\u2019s investments in unlisted shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__74": {
"value": "Accounting policy Share investments are measured at fair value. Eezy has chosen to recognize the changes in the fair value of the share investments in other comprehensive income instead of the profit or loss for the period. Eezy sees this as an appropriate decision as shares are non-current investments not held for trading. The changes in the fair value are not subsequently reclassified to profit or loss. Dividend income is recognized in the profit or loss for the period. Eezy\u2019s share investments consist of listed and unlisted shares. The fair value of the unlisted shares is determined using valuation models. They are measured at cost when it is determined that the acquisition cost is a reasonable estimate of the fair value. Listed shares are measured at the balance sheet date fair value. The Group has no listed shares measured at fair value. The financial instruments measured at fair value in the balance sheet are classified based on the following fair value hierarchy levels: Level 1: The fair value of publicly traded instruments (like listed shares) is based on the quoted year-end market prices of similar assets or liabilities in active markets. The bid price is used as the quoted market price. Level 2: The fair value of financial instruments that are not traded on the active market is determined with a valuation technique. These techniques maximize the use of observable market data and apply company specific estimates only to a minimal degree. When all significant inputs needed to determine the fair value of the instrument are observable, the instrument is categorized on level 2. Level 3: If one or several significant inputs are not based on observable market data, the instrument is categorized on level 3. Such instruments include the Company\u2019s investments in unlisted shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__75": {
"value": "19. Deferred tax assets and liabilities Deferred taxes are recognized for all temporary differences. The changes in deferred taxes are as follows: Recognized in EUR thousand 1 Jan 2022 profit or loss 31 Dec 2022 Deferred tax assets Tax losses carried forward 35 -15 20 Tax losses from the period - 155 155 Leases 23 - 23 Credit loss provision 143 23 166 Total 201 162 363 Recognized in EUR thousand 1 Jan 2021 profit or loss 31 Dec 2021 Deferred tax assets Tax losses carried forward 20 15 35 Tax losses from the period 98 -98 - Interest cost suspended in taxation 47 -47 - Leases 19 4 23 Credit loss provision 189 -46 143 Total 374 -172 201 Recognized in EUR thousand 1 Jan 2022 profit or loss Acquisitions 31 Dec 2022 Deferred tax liabilities Business combinations 5 179 -727 415 4 865 Loans 12 -2 - 10 Total 5 190 -730 415 4 875 Recognized in EUR thousand 1 Jan 2021 profit or loss Acquisitions 31 Dec 2021 Deferred tax liabilities Business combinations 5 491 -706 394 5 179 Loans 14 -2 - 12 Total 5 504 -708 394 5 190 Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and the deferred taxes related to the income tax of the same taxable entity. Accounting policy Deferred taxes are recognized for all temporary differences between the carrying values and the tax bases. The largest temporary differences arise from the fair value adjustments of assets and liabilities in business combinations, provisions and unused tax losses. Deferred taxes are calculated using the tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be generated against which the deductible temporary difference can be utilized. The recognition criteria of the deferred tax asset is assessed at each balance sheet date. However, a deferred tax liability is not recognized, when it arises from the initial recognition of an asset or liability in a transaction other than a business combination and the recognition of the asset or liability at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset the current tax assets against current tax liabilities, and when the deferred tax assets and liabilities are related to the income tax levied by the same taxation authority either from the same taxable entity or different taxable entities when there is an intention to settle the asset and the liability on a net basis. Significant management judgement and estimates Eezy\u2019s management uses judgement when recognizing deferred tax assets and liabilities in the balance sheet. Deferred tax assets are recognized on the balance sheet only if the utilization of the assets is seen as more probable than not utilizing the deferred tax assets. Utilization is subject to the future generation of taxable income. Assumptions related to the generation of future taxable profit are based on the management estimates on future cash flows. The Group\u2019s ability to generate taxable income is also subject to the general economic situation, financing, competitiveness and regulation environment which are not in the Group\u2019s control. These estimates and assumptions involve risks and uncertainty, and thus it is possible that the changes in circumstances will change the expectations which may affect the amount of the deferred tax liabilities and assets recognized as well as other unrecognized tax losses and temporary differences. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__76": {
"value": "Accounting policy Deferred taxes are recognized for all temporary differences between the carrying values and the tax bases. The largest temporary differences arise from the fair value adjustments of assets and liabilities in business combinations, provisions and unused tax losses. Deferred taxes are calculated using the tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be generated against which the deductible temporary difference can be utilized. The recognition criteria of the deferred tax asset is assessed at each balance sheet date. However, a deferred tax liability is not recognized, when it arises from the initial recognition of an asset or liability in a transaction other than a business combination and the recognition of the asset or liability at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset the current tax assets against current tax liabilities, and when the deferred tax assets and liabilities are related to the income tax levied by the same taxation authority either from the same taxable entity or different taxable entities when there is an intention to settle the asset and the liability on a net basis. Significant management judgement and estimates Eezy\u2019s management uses judgement when recognizing deferred tax assets and liabilities in the balance sheet. Deferred tax assets are recognized on the balance sheet only if the utilization of the assets is seen as more probable than not utilizing the deferred tax assets. Utilization is subject to the future generation of taxable income. Assumptions related to the generation of future taxable profit are based on the management estimates on future cash flows. The Group\u2019s ability to generate taxable income is also subject to the general economic situation, financing, competitiveness and regulation environment which are not in the Group\u2019s control. These estimates and assumptions involve risks and uncertainty, and thus it is possible that the changes in circumstances will change the expectations which may affect the amount of the deferred tax liabilities and assets recognized as well as other unrecognized tax losses and temporary differences.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__78": {
"value": "20. Trade receivables and other receivables EUR thousand 31 Dec 2022 31 Dec 2021 Non-current receivables Growth funding receivables 423 683 Lease guarantees 313 441 Other receivables 36 27 Total non-current receivables 772 1 152 Current receivables Trade receivables 30 718 30 105 Growth funding receivables 190 358 Other loan receivables 9 46 Other receivables 537 454 Accrued income 2 009 687 Total current receivables 33 463 31 649 Total trade receivables and other receivables 34 235 32 800 Accrued income consists of sales accruals, employer insurance and advance payments. Trade receivables are measured at the transaction price. The carrying value of the trade receivables and other receivables equals their fair value. Information on the impairment of the trade receivables and other receivables and their credit risk is described in note 26. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__79": {
"value": "Trade receivables are measured at the transaction price. The carrying value of the trade receivables and other receivables equals their fair value. Information on the impairment of the trade receivables and other receivables and their credit risk is described in note 26.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__80": {
"value": "21. Cash and cash equivalents Cash and cash equivalents presented in the balance sheet and cash flow statement consists of cash at bank and in hand. Utilized credit limits are presented as current liabilities. Credit limits are an essential part of the liquidity management. Liquidity risk and its management is described in note 26. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__81": {
"value": "22. Equity EUR Total thousand, Reserve for attributable to unless invested the owners of Non-otherwise Shares unrestricted Retained the parent controlling specified 1 000 pcs Share capital equity earnings company interests Total equity 31 Dec 2022 25 047 80 107 876 1 488 109 444 3 630 113 074 31 Dec 2021 25 047 80 107 876 -1 857 106 099 3 037 109 136 Share capital Eezy Plc has one series of shares and all shares are equally entitled to dividends. One share carries one vote at the general meeting. Eezy\u2019s shares are listed on the official list of Nasdaq Helsinki. Pcs 2022 2021 1 Jan 25 046 815 24 849 375 Directed share issue - 197 440 31 Dec 25 046 815 25 046 815 The directed share issue in the 2021 financial year is related to the Eezy Triton acquisition, in which 45 843 shares were issued, and to the Eezy Valmennuskeskus acquisition, in which 151 597 shares were issued. Own shares The Company does not hold its own shares. Dividends The Annual General Meeting (AGM) decided on 12 April 2022 that for year 2021 a dividend of EUR 0.15 per share is distributed in two tranches. The first tranche of the dividend, EUR 0.10 per share, was paid on 26 April 2022. The second tranche of the dividend, EUR 0.05 per share, was paid on 27 October 2022. Board of Directors proposes a dividend of EUR 0.15 per share, of which EUR 0.10 will be paid in April and EUR 0.05 in October 2023. Reserve for invested unrestricted equity The reserve for invested unrestricted equity includes other investments that by nature are considered as equity and the share subscription price unless it is explicitly decided to be included in the share capital. The changes in the reserve for invested unrestricted equity are presented in the statement of changes in equity. Accounting policy Share capital includes only ordinary shares. The incremental costs directly attributable to the issue of new shares or other equity instruments, net of tax, are recognized in equity as a deduction from the proceeds. If company buys back its own equity instruments, the consideration paid is deducted from equity. The dividend payable to the Group\u2019s shareholders is recognized in the financial year during which the general meeting has approved the dividend. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__82": {
"value": "EUR Total thousand, Reserve for attributable to unless invested the owners of Non-otherwise Shares unrestricted Retained the parent controlling specified 1 000 pcs Share capital equity earnings company interests Total equity 31 Dec 2022 25 047 80 107 876 1 488 109 444 3 630 113 074 31 Dec 2021 25 047 80 107 876 -1 857 106 099 3 037 109 136 Share capital Eezy Plc has one series of shares and all shares are equally entitled to dividends. One share carries one vote at the general meeting. Eezy\u2019s shares are listed on the official list of Nasdaq Helsinki. Pcs 2022 2021 1 Jan 25 046 815 24 849 375 Directed share issue - 197 440 31 Dec 25 046 815 25 046 815 The directed share issue in the 2021 financial year is related to the Eezy Triton acquisition, in which 45 843 shares were issued, and to the Eezy Valmennuskeskus acquisition, in which 151 597 shares were issued. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__83": {
"value": "Own shares The Company does not hold its own shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__84": {
"value": "Dividends The Annual General Meeting (AGM) decided on 12 April 2022 that for year 2021 a dividend of EUR 0.15 per share is distributed in two tranches. The first tranche of the dividend, EUR 0.10 per share, was paid on 26 April 2022. The second tranche of the dividend, EUR 0.05 per share, was paid on 27 October 2022. Board of Directors proposes a dividend of EUR 0.15 per share, of which EUR 0.10 will be paid in April and EUR 0.05 in October 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__85": {
"value": "0.15",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s10_notes__6__86": {
"value": "0.15",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s10_notes__6__87": {
"value": "Reserve for invested unrestricted equity The reserve for invested unrestricted equity includes other investments that by nature are considered as equity and the share subscription price unless it is explicitly decided to be included in the share capital. The changes in the reserve for invested unrestricted equity are presented in the statement of changes in equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__88": {
"value": "The dividend payable to the Group\u2019s shareholders is recognized in the financial year during which the general meeting has approved the dividend.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__89": {
"value": "23. Earnings per share 1 Jan \u2013 31 Dec 2022 1 Jan \u2013 31 Dec 2021 Profit for the financial year attributable to the owners of the company 7 156 154 7 600 963 Weighted average number of shares, undiluted 25 046 815 24 883 655 Earnings per share, basic (EUR) 0.29 0.31 Impact of shares related to the share-based payments plan 240 449 197 479 Weighted average number of shares, diluted 25 287 264 25 081 134 Earnings per share, diluted (EUR) 0.28 0.30 The number of dilutive shares in 2022 was 240 449 (197 479). Accounting policy The basic earnings per share is calculated by dividing the profit (loss) attributable to the owners of the parent company by the weighted average number of shares. In calculating the diluted earnings per share, the dilution impact of the options and shares granted to employees is taken into consideration. More information on the share-based payments is in note 7. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__90": {
"value": "Accounting policy The basic earnings per share is calculated by dividing the profit (loss) attributable to the owners of the parent company by the weighted average number of shares. In calculating the diluted earnings per share, the dilution impact of the options and shares granted to employees is taken into consideration. More information on the share-based payments is in note 7.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__92": {
"value": "24. Borrowings Changes in borrowings divided to changes from financing cash flows and other changes are presented in the table below: Loans from financial EUR thousand institutions Lease liabilities Other loans Total 1 Jan 2021 51 877 5 984 9 57 870 Repayments of borrowings -4 328 -2 050 -9 -6 387 Acquisitions 796 - - 796 New leases - 1 314 - 1 314 Revaluations - -745 - -745 Other changes -21 - - -21 31 Dec 2021 48 325 4 502 - 52 826 Proceeds from borrowings 8 000 - - 8 000 Repayments of borrowings -4 633 -2 588 - -7 221 Acquisitions 376 108 - 484 New leases - 2 953 - 2 953 Revaluations - 185 - 185 Other changes -5 -1 - -6 31 Dec 2022 52 062 5 159 - 57 221 The financing arrangements of the Group relate primarily to the financing of the business acquisitions. The maturities of these financing arrangements range from 1 to 5 years. The Group\u2019s loans include covenants defined in the financing agreements. The most important loan covenants are reported to the creditors half yearly. If the Group does not meet the covenants, the creditor may require an accelerated loan prepayment. During the financial years presented, the Group has met loan related covenants, which relate to net debt ratio and ratio of interest bearing net debt compared to EBITDA. The Group\u2019s loans are denominated in euros, primarily have floating interest rates and a significant part of its loans are linked to the Euribor. The repricing of the loans occurs every 12 months. The impact on the cash flows arising from changes in the loan interest rates at the current market interest rate levels is insignificant. The loan margins vary between 1.7% and 2.45%. The covenants also include terms related to interest rate levels. Half yearly the margin can vary between 1.45% and 2.70% depending on the level of the covenant related to net debt and EBITDA. The carrying value of the borrowings equals their fair value in the periods presented, as the coupon rates have been on the same level with market rates, and the impact of discounting the future cash flows using the market interest rate at the valuation date is not significant. The maturities of the borrowings and more information on the interest rate risk and the liquidity risk management is presented in note 26. Accounting policy Borrowings are initially recognized at fair value, net of transaction costs incurred. After the initial recognition borrowings are measured at amortized cost using the effective interest method. Borrowings are classified as current liabilities if the Group intends to settle the borrowings during the next 12 months after the reporting date or if the Group does not have an unconditional right to defer the settlement for at least 12 months after the reporting date. The transaction costs incurred in connection with the borrowings are recognized as interest expenses using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__91": {
"value": "24. Borrowings Changes in borrowings divided to changes from financing cash flows and other changes are presented in the table below: Loans from financial EUR thousand institutions Lease liabilities Other loans Total 1 Jan 2021 51 877 5 984 9 57 870 Repayments of borrowings -4 328 -2 050 -9 -6 387 Acquisitions 796 - - 796 New leases - 1 314 - 1 314 Revaluations - -745 - -745 Other changes -21 - - -21 31 Dec 2021 48 325 4 502 - 52 826 Proceeds from borrowings 8 000 - - 8 000 Repayments of borrowings -4 633 -2 588 - -7 221 Acquisitions 376 108 - 484 New leases - 2 953 - 2 953 Revaluations - 185 - 185 Other changes -5 -1 - -6 31 Dec 2022 52 062 5 159 - 57 221 The financing arrangements of the Group relate primarily to the financing of the business acquisitions. The maturities of these financing arrangements range from 1 to 5 years. The Group\u2019s loans include covenants defined in the financing agreements. The most important loan covenants are reported to the creditors half yearly. If the Group does not meet the covenants, the creditor may require an accelerated loan prepayment. During the financial years presented, the Group has met loan related covenants, which relate to net debt ratio and ratio of interest bearing net debt compared to EBITDA. The Group\u2019s loans are denominated in euros, primarily have floating interest rates and a significant part of its loans are linked to the Euribor. The repricing of the loans occurs every 12 months. The impact on the cash flows arising from changes in the loan interest rates at the current market interest rate levels is insignificant. The loan margins vary between 1.7% and 2.45%. The covenants also include terms related to interest rate levels. Half yearly the margin can vary between 1.45% and 2.70% depending on the level of the covenant related to net debt and EBITDA. The carrying value of the borrowings equals their fair value in the periods presented, as the coupon rates have been on the same level with market rates, and the impact of discounting the future cash flows using the market interest rate at the valuation date is not significant. The maturities of the borrowings and more information on the interest rate risk and the liquidity risk management is presented in note 26. Accounting policy Borrowings are initially recognized at fair value, net of transaction costs incurred. After the initial recognition borrowings are measured at amortized cost using the effective interest method. Borrowings are classified as current liabilities if the Group intends to settle the borrowings during the next 12 months after the reporting date or if the Group does not have an unconditional right to defer the settlement for at least 12 months after the reporting date. The transaction costs incurred in connection with the borrowings are recognized as interest expenses using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__94": {
"value": "Accounting policy Borrowings are initially recognized at fair value, net of transaction costs incurred. After the initial recognition borrowings are measured at amortized cost using the effective interest method. Borrowings are classified as current liabilities if the Group intends to settle the borrowings during the next 12 months after the reporting date or if the Group does not have an unconditional right to defer the settlement for at least 12 months after the reporting date. The transaction costs incurred in connection with the borrowings are recognized as interest expenses using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__93": {
"value": "Accounting policy Borrowings are initially recognized at fair value, net of transaction costs incurred. After the initial recognition borrowings are measured at amortized cost using the effective interest method. Borrowings are classified as current liabilities if the Group intends to settle the borrowings during the next 12 months after the reporting date or if the Group does not have an unconditional right to defer the settlement for at least 12 months after the reporting date. The transaction costs incurred in connection with the borrowings are recognized as interest expenses using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__95": {
"value": "25. Trade payables and other liabilities EUR thousand 31 Dec 2022 31 Dec 2021 Non-current liabilities Contingent considerations 974 1 928 Share-based payments - 16 Total non-current liabilities 974 1 944 Current liabilities Trade payables 9 545 6 241 Contingent considerations 39 54 VAT liability 8 672 8 994 Personnel related liabilities 4 090 4 487 Other liabilities 241 515 Personnel related accrued expenses 15 665 14 689 Other accrued expense 702 520 Total current liabilities 38 954 35 499 Total trade payables and other liabilities 39 928 37 443 Accounting policy Fair values of trade payables and other liabilities equal their carrying values. They are measured at cost or amortized cost apart from contingent considerations which are measured at fair value. Fair value is based on management\u2019s estimate and it is classified as level 3 in the fair value hierarchy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__96": {
"value": "Accounting policy Fair values of trade payables and other liabilities equal their carrying values. They are measured at cost or amortized cost apart from contingent considerations which are measured at fair value. Fair value is based on management\u2019s estimate and it is classified as level 3 in the fair value hierarchy.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__97": {
"value": "26. Financial risk management The Group\u2019s principles of financial risk management have not significantly changed during reporting period. Eezy and its operating activities are exposed to certain financial risks. Financial risk management is a part of the Group\u2019s risk management processes and an integral part of Eezy\u2019s strategy process, planning process and day-to-day management. Eezy\u2019s CEO is responsible for drafting the principles of risk management and for ensuring that the principles are implemented systematically and appropriately. Eezy\u2019s Group Management Team is responsible for identifying group level risks. Risk management is reported to Eezy\u2019s Board of Directors and the Board confirms the company\u2019s principles of risk management. The most significant financial risks for Eezy are credit risk and liquidity risk. Group treasury monitors the day-to-day liquidity and the CFO is responsible for the long-term liquidity and for monitoring the covenants. Liquidity risk Liquidity risk relates to ensuring and maintaining sufficient financing for Eezy. Eezy strives to continuously assess and monitor the amount of financing needed for the business operations, by, among others, performing a monthly analysis on the sales development and investment needs in order to ensure the Group has sufficient liquid assets to finance the operations and to repay the borrowings when they fall due. The CFO analyses the possible need for additional financing. The Group aims to ensure the availability and flexibility of the Group\u2019s financing with sufficient available credit facilities, a balanced debt maturity profile and sufficiently long loan periods as well as by using several financial institutions as counterparties and different forms of financing, when necessary. The Group\u2019s financing activities determine the optimal level of cash. Cash and cash equivalents amounted to EUR 5 768 (6 106) thousand at the end of the financial year, in addition to which the Group had undrawn committed credit limits available totaling to EUR 10 000 (10 000) thousand. The Group has a long-term senior loan from financial institutions and the financial agreements include the terms of covenants. The breach of covenants may lead to the situation where the creditor may require an accelerated loan prepayment or immediate prepayment. As of 31 December 2022, the Group has non-current loans from financial institutions EUR 47 614 (43 924) thousand and current loans from financial institutions EUR 4 448 (4 400) thousand. The terms and conditions of the loans and related covenants are described in note 24. The following tables present the contractual maturity analysis of the Group\u2019s financial liabilities. The figures are undiscounted and include interest payments and repayments. Total contractual EUR thousand 0-6 months 7-12 months 1-3 years 4-5 years cash flows Carrying value 31 Dec 2022 Loans from financial institutions 1 749 4 757 49 522 14 56 043 52 062 Lease liabilities 1 367 991 2 710 361 5 428 5 159 Trade payables 9 545 - - - 9 545 9 545 Contingent considerations 39 - 954 20 1 013 1 013 Total 12 700 5 748 53 186 395 72 029 67 779 Total contractual EUR thousand 0-6 months 7-12 months 1-3 years 4-5 years cash flows Carrying value 31 Dec 2021 Loans from financial institutions 1 496 3 991 45 731 188 51 406 48 325 Lease liabilities 1 053 1 003 2 058 535 4 648 4 502 Trade payables 6 241 - - - 6 241 6 241 Contingent considerations 54 - 1 908 20 1 981 1 981 Total 8 844 4 994 50 175 265 64 276 61 049 Credit risk Credit risk arises from trade receivables and the growth funding receivables. Credit risk also arises from loan receivables, other receivables and cash and cash equivalents but based on Group\u2019s analysis their credit risk is considered immaterial. The Group\u2019s policy defines the creditworthiness requirements for the counterparties. Credit risk management and credit control are centralized in the Group\u2019s financial management. The Group aims to minimize the risks related to the receivables through the terms of payment of the receivables, customer-specific monitoring of trade receivables, effective collection, and checking of the customers\u2019 creditworthiness, as well as partly through various collateral arrangements. For the growth funding paid to their customers, the Group has received a counterparty guarantee from these customers that covers the growth funding paid to these customers. The trade receivables and growth funding of certain big customers together form credit risk concentrations for the Group. The Group has aimed to secure the most significant customer-specific receivable positions through various collateral arrangements. Typical collaterals are, among others, guarantees and various pledges to the benefit of the Group. During the financial year, the Group has recognized EUR 551 (227) thousand on trade receivables and growth funding receivables as credit losses and EUR 882 (307) thousand as reversal of unused amount in profit or loss. Trade receivables The staffing service business is based on sales invoiced. It involves a risk of credit losses typical for the nature of the business and the industry. Historically, the level of incurred credit losses on trade receivables has typically been low. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The Group monitors continuously the level of write downs on receivables and changes the models by taken into account existing conditions and forward-looking information. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 31 December 2022 or 31 December 2021, respectively, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information and macroeconomic factors affecting the ability of the customers to settle the receivables. The table below presents the changes in the credit loss allowance for the periods presented, the age analysis of trade receivables, and for each age analysis group the recognized impairments and the percentages used: Due Due Due Due Due over 180 EUR thousand Not due 1-30 days 31-60 days 61-90 days 91-180 days days Total 31 Dec 2022 Expected credit loss rate, % 0.2% 0.8% 1.5% 2.0% 10.0% 26.0% Carrying value of trade receivables 26 347 1 494 234 382 1 030 1 906 31 392 Credit loss provision 53 12 4 8 103 496 674 Due Due Due Due Due over 180 EUR thousand Not due 1-30 days 31-60 days 61-90 days 91-180 days days Total 31 Dec 2021 Expected credit loss rate, % 0.2% 0.8% 1.5% 2.0% 10.0% 26.0% Carrying value of trade receivables 26 383 1 906 307 148 613 1 197 30 553 Credit loss provision 53 15 5 3 61 311 448 EUR thousand 2022 2021 1 Jan 448 345 Change in provision -105 20 Recognized as credit losses -551 -224 Unused amount reversed 882 307 31 Dec 674 448 The Group monitors continuously the level of write downs on receivables and changes the models by taken into account existing conditions and forward-looking information. Trade receivables are written off when there is not a reasonable expectation of recovery. Indicators that there is not a reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group and a failure to make contractual payments for a period of greater than 360 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. Growth funding receivables Growth funding has been paid to certain large customers in the staffing service business. The earning of the growth funding is based on the customers\u2019 future purchases and the payments of the trade receivables generated from them. Growth funding receivables were acquired in connection with the acquisition of Smile in 2019 and they were measured at fair value considering the estimated future credit losses. Growth funding receivables are secured by using, among others, guarantees and various pledges. Unexpected customers insolvency situations may lead to disruptions of providing services and may lead to termination of growth funding agreements that are earlier considered favorable. The Group monitors continuously the level of write downs on receivables and changes the models by taken into account existing conditions and forward-looking information. After initial recognition, the Group recognizes impairment from growth funding receivables based on expected credit losses. The Company considers the growth funding receivables to be low credit risk where they have a low risk of default and the counterparty has a strong capacity to meet its contractual cash flow obligations in the near term. From these receivables, 12-month expected credit losses are recognized. If the credit risk is not considered to be low or the credit risk has increased significantly since initial recognition, lifetime expected credit losses are recognized from the growth funding receivables. The mitigating effect of collateral is taken into consideration in the recognized credit losses. Significant management judgement and estimates Eezy\u2019s management uses judgement when determining whether there has been a significant increase in the credit risk of growth funding receivables so that the recognition of lifetime expected credit losses is commenced, and on the timing when the receivables are written off as impaired. Management presumes the credit risk to have increased significantly when the payments are at least 180 days past due. Additionally, the past-due receivables are analyzed on a case by case basis. The growth funding receivables are written off when there is not a reasonable expectation of recovery, for example when the customer is in liquidation or has entered bankruptcy. Capital management Eezyn johto seuraa osana p\u00e4\u00e4oman hallintaa konsernitaseen mukaisia lainoja sek\u00e4 omaa p\u00e4\u00e4omaa. Konsernin p\u00e4\u00e4oman As a part of their capital management, Eezy\u2019s management monitors the borrowings and equity as presented in the consolidated balance sheet. The aim of the Group\u2019s capital management (equity vs. debt) is, with the optimal capital structure, to support the business operations by ensuring normal operational prerequisites, and to increase the shareholder value in the long term. Capital management is also driven by the owners\u2019 aim to maintain a simple financial structure. Capital needs are primarily fulfilled with long-term debt financing. The capital structure is adjusted mainly by dividend distributions and share issues. The Group can also decide to sell assets in order to reduce debt. The development of the Group\u2019s capital structure is monitored with comparing net debt to adjusted EBITDA, which is reported to the Group management regularly. Net debt is calculated by deducting cash and cash equivalents from non-current and current loans from financial institutions, non-current other liabilities, lease liabilities, current contingent consideration liabilities and current financial liabilities. Adjusted EBITDA is calculated by adding to operating profit the following: depreciation, amortization and impairment losses, and items affecting comparability, such as items relating to acquisitions, closing of business operations, structural reorganization and significant redundancy costs. Interest rate risk Interest rate risk means the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s loans primarily have floating interest rates and a significant part of its loans are linked to the Euribor, EUR 17.5 million loan has a fixed interest rate. The Group\u2019s floating interest rates loans may expose to the cash flow interest rate risk. The interest rates of borrowings are described in note 24. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__98": {
"value": ". Group treasury monitors the day-to-day liquidity and the CFO is responsible for the long-term liquidity and for monitoring the covenants. Liquidity risk Liquidity risk relates to ensuring and maintaining sufficient financing for Eezy. Eezy strives to continuously assess and monitor the amount of financing needed for the business operations, by, among others, performing a monthly analysis on the sales development and investment needs in order to ensure the Group has sufficient liquid assets to finance the operations and to repay the borrowings when they fall due. The CFO analyses the possible need for additional financing. The Group aims to ensure the availability and flexibility of the Group\u2019s financing with sufficient available credit facilities, a balanced debt maturity profile and sufficiently long loan periods as well as by using several financial institutions as counterparties and different forms of financing, when necessary. The Group\u2019s financing activities determine the optimal level of cash. Cash and cash equivalents amounted to EUR 5 768 (6 106) thousand at the end of the financial year, in addition to which the Group had undrawn committed credit limits available totaling to EUR 10 000 (10 000) thousand. The Group has a long-term senior loan from financial institutions and the financial agreements include the terms of covenants. The breach of covenants may lead to the situation where the creditor may require an accelerated loan prepayment or immediate prepayment. As of 31 December 2022, the Group has non-current loans from financial institutions EUR 47 614 (43 924) thousand and current loans from financial institutions EUR 4 448 (4 400) thousand. The terms and conditions of the loans and related covenants are described in note 24. The following tables present the contractual maturity analysis of the Group\u2019s financial liabilities. The figures are undiscounted and include interest payments and repayments. Total contractual EUR thousand 0-6 months 7-12 months 1-3 years 4-5 years cash flows Carrying value 31 Dec 2022 Loans from financial institutions 1 749 4 757 49 522 14 56 043 52 062 Lease liabilities 1 367 991 2 710 361 5 428 5 159 Trade payables 9 545 - - - 9 545 9 545 Contingent considerations 39 - 954 20 1 013 1 013 Total 12 700 5 748 53 186 395 72 029 67 779 Total contractual EUR thousand 0-6 months 7-12 months 1-3 years 4-5 years cash flows Carrying value 31 Dec 2021 Loans from financial institutions 1 496 3 991 45 731 188 51 406 48 325 Lease liabilities 1 053 1 003 2 058 535 4 648 4 502 Trade payables 6 241 - - - 6 241 6 241 Contingent considerations 54 - 1 908 20 1 981 1 981 Total 8 844 4 994 50 175 265 64 276 61 049",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__99": {
"value": "Credit risk arises from trade receivables and the growth funding receivables. Credit risk also arises from loan receivables, other receivables and cash and cash equivalents but based on Group\u2019s analysis their credit risk is considered immaterial. The Group\u2019s policy defines the creditworthiness requirements for the counterparties. Credit risk management and credit control are centralized in the Group\u2019s financial management. The Group aims to minimize the risks related to the receivables through the terms of payment of the receivables, customer-specific monitoring of trade receivables, effective collection, and checking of the customers\u2019 creditworthiness, as well as partly through various collateral arrangements. For the growth funding paid to their customers, the Group has received a counterparty guarantee from these customers that covers the growth funding paid to these customers. The trade receivables and growth funding of certain big customers together form credit risk concentrations for the Group. The Group has aimed to secure the most significant customer-specific receivable positions through various collateral arrangements. Typical collaterals are, among others, guarantees and various pledges to the benefit of the Group. During the financial year, the Group has recognized EUR 551 (227) thousand on trade receivables and growth funding receivables as credit losses and EUR 882 (307) thousand as reversal of unused amount in profit or loss. Trade receivables The staffing service business is based on sales invoiced. It involves a risk of credit losses typical for the nature of the business and the industry. Historically, the level of incurred credit losses on trade receivables has typically been low. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The Group monitors continuously the level of write downs on receivables and changes the models by taken into account existing conditions and forward-looking information. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 31 December 2022 or 31 December 2021, respectively, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information and macroeconomic factors affecting the ability of the customers to settle the receivables. The table below presents the changes in the credit loss allowance for the periods presented, the age analysis of trade receivables, and for each age analysis group the recognized impairments and the percentages used: Due Due Due Due Due over 180 EUR thousand Not due 1-30 days 31-60 days 61-90 days 91-180 days days Total 31 Dec 2022 Expected credit loss rate, % 0.2% 0.8% 1.5% 2.0% 10.0% 26.0% Carrying value of trade receivables 26 347 1 494 234 382 1 030 1 906 31 392 Credit loss provision 53 12 4 8 103 496 674 Due Due Due Due Due over 180 EUR thousand Not due 1-30 days 31-60 days 61-90 days 91-180 days days Total 31 Dec 2021 Expected credit loss rate, % 0.2% 0.8% 1.5% 2.0% 10.0% 26.0% Carrying value of trade receivables 26 383 1 906 307 148 613 1 197 30 553 Credit loss provision 53 15 5 3 61 311 448 EUR thousand 2022 2021 1 Jan 448 345 Change in provision -105 20 Recognized as credit losses -551 -224 Unused amount reversed 882 307 31 Dec 674 448 The Group monitors continuously the level of write downs on receivables and changes the models by taken into account existing conditions and forward-looking information. Trade receivables are written off when there is not a reasonable expectation of recovery. Indicators that there is not a reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group and a failure to make contractual payments for a period of greater than 360 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. Growth funding receivables Growth funding has been paid to certain large customers in the staffing service business. The earning of the growth funding is based on the customers\u2019 future purchases and the payments of the trade receivables generated from them. Growth funding receivables were acquired in connection with the acquisition of Smile in 2019 and they were measured at fair value considering the estimated future credit losses. Growth funding receivables are secured by using, among others, guarantees and various pledges. Unexpected customers insolvency situations may lead to disruptions of providing services and may lead to termination of growth funding agreements that are earlier considered favorable. The Group monitors continuously the level of write downs on receivables and changes the models by taken into account existing conditions and forward-looking information. After initial recognition, the Group recognizes impairment from growth funding receivables based on expected credit losses. The Company considers the growth funding receivables to be low credit risk where they have a low risk of default and the counterparty has a strong capacity to meet its contractual cash flow obligations in the near term. From these receivables, 12-month expected credit losses are recognized. If the credit risk is not considered to be low or the credit risk has increased significantly since initial recognition, lifetime expected credit losses are recognized from the growth funding receivables. The mitigating effect of collateral is taken into consideration in the recognized credit losses. Significant management judgement and estimates Eezy\u2019s management uses judgement when determining whether there has been a significant increase in the credit risk of growth funding receivables so that the recognition of lifetime expected credit losses is commenced, and on the timing when the receivables are written off as impaired. Management presumes the credit risk to have increased significantly when the payments are at least 180 days past due. Additionally, the past-due receivables are analyzed on a case by case basis. The growth funding receivables are written off when there is not a reasonable expectation of recovery, for example when the customer is in liquidation or has entered bankruptcy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__100": {
"value": "During the financial year, the Group has recognized EUR 551 (227) thousand on trade receivables and growth funding receivables as credit losses and EUR 882 (307) thousand as reversal of unused amount in profit or loss. Trade receivables The staffing service business is based on sales invoiced. It involves a risk of credit losses typical for the nature of the business and the industry. Historically, the level of incurred credit losses on trade receivables has typically been low. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The Group monitors continuously the level of write downs on receivables and changes the models by taken into account existing conditions and forward-looking information. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 31 December 2022 or 31 December 2021, respectively, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information and macroeconomic factors affecting the ability of the customers to settle the receivables. The table below presents the changes in the credit loss allowance for the periods presented, the age analysis of trade receivables, and for each age analysis group the recognized impairments and the percentages used: Due Due Due Due Due over 180 EUR thousand Not due 1-30 days 31-60 days 61-90 days 91-180 days days Total 31 Dec 2022 Expected credit loss rate, % 0.2% 0.8% 1.5% 2.0% 10.0% 26.0% Carrying value of trade receivables 26 347 1 494 234 382 1 030 1 906 31 392 Credit loss provision 53 12 4 8 103 496 674 Due Due Due Due Due over 180 EUR thousand Not due 1-30 days 31-60 days 61-90 days 91-180 days days Total 31 Dec 2021 Expected credit loss rate, % 0.2% 0.8% 1.5% 2.0% 10.0% 26.0% Carrying value of trade receivables 26 383 1 906 307 148 613 1 197 30 553 Credit loss provision 53 15 5 3 61 311 448 EUR thousand 2022 2021 1 Jan 448 345 Change in provision -105 20 Recognized as credit losses -551 -224 Unused amount reversed 882 307 31 Dec 674 448 The Group monitors continuously the level of write downs on receivables and changes the models by taken into account existing conditions and forward-looking information. Trade receivables are written off when there is not a reasonable expectation of recovery. Indicators that there is not a reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group and a failure to make contractual payments for a period of greater than 360 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. Growth funding receivables Growth funding has been paid to certain large customers in the staffing service business. The earning of the growth funding is based on the customers\u2019 future purchases and the payments of the trade receivables generated from them. Growth funding receivables were acquired in connection with the acquisition of Smile in 2019 and they were measured at fair value considering the estimated future credit losses. Growth funding receivables are secured by using, among others, guarantees and various pledges. Unexpected customers insolvency situations may lead to disruptions of providing services and may lead to termination of growth funding agreements that are earlier considered favorable. The Group monitors continuously the level of write downs on receivables and changes the models by taken into account existing conditions and forward-looking information. After initial recognition, the Group recognizes impairment from growth funding receivables based on expected credit losses. The Company considers the growth funding receivables to be low credit risk where they have a low risk of default and the counterparty has a strong capacity to meet its contractual cash flow obligations in the near term. From these receivables, 12-month expected credit losses are recognized. If the credit risk is not considered to be low or the credit risk has increased significantly since initial recognition, lifetime expected credit losses are recognized from the growth funding receivables. The mitigating effect of collateral is taken into consideration in the recognized credit losses. Significant management judgement and estimates Eezy\u2019s management uses judgement when determining whether there has been a significant increase in the credit risk of growth funding receivables so that the recognition of lifetime expected credit losses is commenced, and on the timing when the receivables are written off as impaired. Management presumes the credit risk to have increased significantly when the payments are at least 180 days past due. Additionally, the past-due receivables are analyzed on a case by case basis. The growth funding receivables are written off when there is not a reasonable expectation of recovery, for example when the customer is in liquidation or has entered bankruptcy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__102": {
"value": "Capital management Eezyn johto seuraa osana p\u00e4\u00e4oman hallintaa konsernitaseen mukaisia lainoja sek\u00e4 omaa p\u00e4\u00e4omaa. Konsernin p\u00e4\u00e4oman As a part of their capital management, Eezy\u2019s management monitors the borrowings and equity as presented in the consolidated balance sheet. The aim of the Group\u2019s capital management (equity vs. debt) is, with the optimal capital structure, to support the business operations by ensuring normal operational prerequisites, and to increase the shareholder value in the long term. Capital management is also driven by the owners\u2019 aim to maintain a simple financial structure. Capital needs are primarily fulfilled with long-term debt financing. The capital structure is adjusted mainly by dividend distributions and share issues. The Group can also decide to sell assets in order to reduce debt. The development of the Group\u2019s capital structure is monitored with comparing net debt to adjusted EBITDA, which is reported to the Group management regularly. Net debt is calculated by deducting cash and cash equivalents from non-current and current loans from financial institutions, non-current other liabilities, lease liabilities, current contingent consideration liabilities and current financial liabilities. Adjusted EBITDA is calculated by adding to operating profit the following: depreciation, amortization and impairment losses, and items affecting comparability, such as items relating to acquisitions, closing of business operations, structural reorganization and significant redundancy costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__103": {
"value": "Interest rate risk Interest rate risk means the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s loans primarily have floating interest rates and a significant part of its loans are linked to the Euribor, EUR 17.5 million loan has a fixed interest rate. The Group\u2019s floating interest rates loans may expose to the cash flow interest rate risk. The interest rates of borrowings are described in note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__106": {
"value": "Accounting policy Subsidiaries are entities over which the Group has control. The group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to eliminate share ownership between the Group companies. The acquisition cost exceeding the fair value of the net identifiable assets acquired is recorded as goodwill. If the acquisition cost is less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly as income in the result of the period. The acquisition related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date, and classified as a financial liability or equity. The contingent consideration classified as a financial liability is remeasured to fair value at each balance sheet date and changes in fair value are recognized in the result for the period. The contingent consideration classified as equity is not remeasured. Any non-controlling interests in the acquired entity is measured at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The valuation policy is determined on an acquisition-by-acquisition basis. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies applied by the Group. The profit (loss) for the period and total comprehensive income for the period attributable to the owners of the parent company and non-controlling interests are presented in the consolidated statement of comprehensive income. Total comprehensive income for the period is allocated to non-controlling interests although this would result in a negative non-controlling interest. Non-controlling interests in the equity is presented as a separate line item in the balance sheet as part of equity. Changes in the ownership of the subsidiaries that do not result in a loss of control are treated as transactions with equity owners of the Group. In a business combination achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date and any gains or losses arising is recognized in the result for the period. When the Group loses the control in a subsidiary, any retained interest in the entity is remeasured to its fair value at the date when the control ceases and the difference arising from the measurement is recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__105": {
"value": "Accounting policy Subsidiaries are entities over which the Group has control. The group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to eliminate share ownership between the Group companies. The acquisition cost exceeding the fair value of the net identifiable assets acquired is recorded as goodwill. If the acquisition cost is less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly as income in the result of the period. The acquisition related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date, and classified as a financial liability or equity. The contingent consideration classified as a financial liability is remeasured to fair value at each balance sheet date and changes in fair value are recognized in the result for the period. The contingent consideration classified as equity is not remeasured. Any non-controlling interests in the acquired entity is measured at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The valuation policy is determined on an acquisition-by-acquisition basis. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies applied by the Group. The profit (loss) for the period and total comprehensive income for the period attributable to the owners of the parent company and non-controlling interests are presented in the consolidated statement of comprehensive income. Total comprehensive income for the period is allocated to non-controlling interests although this would result in a negative non-controlling interest. Non-controlling interests in the equity is presented as a separate line item in the balance sheet as part of equity. Changes in the ownership of the subsidiaries that do not result in a loss of control are treated as transactions with equity owners of the Group. In a business combination achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date and any gains or losses arising is recognized in the result for the period. When the Group loses the control in a subsidiary, any retained interest in the entity is remeasured to its fair value at the date when the control ceases and the difference arising from the measurement is recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__107": {
"value": "28. Changes in the non-controlling interests Change in non-Change in New Purchase controlling retained Company in which interests Acquisition Acquired ownership consideration interests earnings are acquired date share interest (EUR thousand) (EUR thousand) (EUR thousand) 2022 Eezy Henkil\u00f6st\u00f6palvelut Oy Doctors by Eezy Oy 27 Jan 2022 4.75% 80.75% 79 -44 -37 2021 Eezy Henkil\u00f6st\u00f6palvelut Oy Smile Industries Kuopio Oy 5 Feb 2021 10.00% 100.00% 40 -23 -18 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__108": {
"value": "29. Investments in associates EUR thousand 2022 2021 Cost at 1 Jan - - Acquisitions 245 - Share of the result of associates 7 - Cost at 31 Dec 252 - On 14 June 2022, Eezy made an investment of EUR 245 thousand in minority shareholding of VeggArt\u2019s Oy which specializes in employment services for immigrants. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__109": {
"value": "30. Commitments and contingencies Eezy has a group cash pooling arrangement managed by Eezy Plc and the arrangement includes all subsidiaries. All current and future cash pool receivables are a used as a comprehensive guarantee for liabilities on the bank accounts included in the cash pool agreement. EUR thousand 31 Dec 2022 31 Dec 2021 Liabilities in balance sheet for which collaterals given Loans from financial institutions, non-current 47 614 43 924 Loans from financial institutions, current 4 448 4 400 Total 52 062 48 325 EUR thousand 31.12.2022 31.12.2021 Mortgages on own behalf Company mortgages 100 000 100 000 Property, plant and equipment - 16 Total 100 000 100 016 The shares of Eezy VMP Oy, Eezy Henkil\u00f6st\u00f6palvelut Oy and Eezy Farenta Oy are pledged to existing and future financial institution loans on the balance sheet dates. More information on business combinations is presented in note 14. Accounting policy A contingent liability is a possible obligation that has arisen from past events and whose existence is confirmed only by the occurrence of uncertain future events not wholly in the control of the Group. A contingent liability is also a present obligation whose settlement probably does not require an outflow of resources, and the amount cannot be measured reliably. A contingent liability is presented in the notes of the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__110": {
"value": "Accounting policy A contingent liability is a possible obligation that has arisen from past events and whose existence is confirmed only by the occurrence of uncertain future events not wholly in the control of the Group. A contingent liability is also a present obligation whose settlement probably does not require an outflow of resources, and the amount cannot be measured reliably. A contingent liability is presented in the notes of the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__111": {
"value": "31. New standards New and amended standards and accounting policies applied in the financial year ended 31 December 2022 Group has applied following new and amended standards and accounting policies from 1 January 2022 onwards. These have not had an impact on consolidated financial statements 2022. Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets (effective for financial years beginning on or after 1 January 2022) When an onerous contract is accounted for based on the costs of fulfilling the contract, the amendments clarify that these costs comprise both the incremental costs and an allocation of other direct costs. Annual Improvements to IFRS Standards 2018\u20132020 (effective for financial years beginning on or after 1 January 2022) The annual improvements process provides a mechanism for minor and non-urgent amendments to IFRSs to be grouped together and issued in one package annually. The amendments clarify the following standards IFRS 9 Financial Instruments - Fees in the 10 per cent test for derecognition of financial liabilities. This amendment clarifies that \u2013 for the purpose of performing the 10 per cent test for derecognition of financial liabilities \u2013 in determining those fees paid net of fees received, a borrower includes only fees paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. Property, Plant and Equipment - Proceeds before Intended Use \u2013 Amendments to IAS 16 Property, Plant and Equipment (effective for financial years beginning on or after 1 January 2022) Under the amendments, proceeds from selling items before the related item of PPE is available for use should be recognised in profit or loss, together with the costs of producing those items. Reference to the Conceptual Framework - Amendments to IFRS 3 Business Combinations (effective for financial years beginning on or after 1 January 2022) The amendments update a reference in IFRS 3 and makes further reference related amendments. Adoption of new and amended standards in future financial years Group estimates that adoption of new and amended standards listed below in future financial years will not have a significant impact on consolidated financial statements. Disclosure of Accounting Policies \u2013 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements (effective for financial years beginning on or after 1 January 2023, early application is permitted) The amendments clarify the application of materiality to disclosure of accounting policies. Definition of Accounting Estimates \u2013 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (effective for financial years beginning on or after 1 January 2023, early application is permitted) The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 Income Taxes (effective for financial years beginning on or after 1 January 2023, early application is permitted) The amendments narrow the initial recognition exemption (IRE) and clarify that the exemption does not apply to transactions such as leases and decommissioning obligations which give rise to equal and offsetting temporary differences. Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 Leases* (effective for financial years beginning on or after 1 January 2024, early application is permitted) The amendments introduce a new accounting model for variable payments and will require seller-lessees to reassess and potentially restate sale-and-leaseback transactions entered into since 2019. Classification of Liabilities as Current or Non-current - Amendments to IAS 1 Presentation of Financial Statements *: Classification of Liabilities as Current or Non-current; Classification of Liabilities as Current or Non-current - Deferral of Effective Date; and Non-current Liabilities with Covenants (effective for financial years beginning on or after 1 January 2024, early application is permitted) The amendments are to promote consistency in application and clarify the requirements for determining if a liability is current or non-current. The amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments require to disclose information about these covenants in the notes to the financial statements. Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2013 Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures * (available for optional adoption, effective date deferred indefinitely) The amendments address the conflict between the existing guidance on consolidation and equity accounting and require the full gain to be recognised when the assets transferred meet the definition of a \u2018business\u2019 under IFRS 3 Business Combinations. * = not yet endorsed for use by the European Union as of 31 December 2022 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__112": {
"value": "Group has applied following new and amended standards and accounting policies from 1 January 2022 onwards. These have not had an impact on consolidated financial statements 2022.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__113": {
"value": "32. Events after the balance sheet date No significant events after the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:743700ZKOMTB7X00OW54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}